Item 1. FINANCIAL STATEMENTS.

AMEREN CORPORATION

CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

(Unaudited) (In millions, except per share amounts)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Operating Revenues:
Electric			$	1,921					$	2,140					$	5,096					$	4,971
Natural gas			139						166						786						940
Total operating revenues			2,060						2,306						5,882						5,911
Operating Expenses:
Fuel			158						117						423						376
Purchased power			272						563						1,095						1,058
Natural gas purchased for resale			30						58						280						431
Other operations and maintenance			470						475						1,368						1,427
Depreciation and amortization			369						350						1,024						965
Taxes other than income taxes			147						144						398						415
Total operating expenses			1,446						1,707						4,588						4,672
Operating Income			614						599						1,294						1,239
Other Income, Net			101						58						261						180
Interest Charges			152						126						413						356
Income Before Income Taxes			563						531						1,142						1,063
Income Taxes			69						78						144						148
Net Income			494						453						998						915
Less: Net Income Attributable to Noncontrolling Interests			1						1						4						4
Net Income Attributable to Ameren Common Shareholders			$	493					$	452					$	994					$	911
Net Income			$	494					$	453					$	998					$	915
Other Comprehensive Income (Loss), Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $(1), $—, $(1), and $—, respectively			(1)						—						(3)						1
Comprehensive Income			493						453						995						916
Less: Comprehensive Income Attributable to Noncontrolling Interests			1						1						4						4
Comprehensive Income Attributable to Ameren Common Shareholders			$	492					$	452					$	991					$	912
Earnings per Common Share – Basic			$	1.88					$	1.75					$	3.79					$	3.53
Earnings per Common Share – Diluted			$	1.87					$	1.74					$	3.78					$	3.51
Weighted-average Common Shares Outstanding – Basic			262.8						258.4						262.5						258.2
Weighted-average Common Shares Outstanding – Diluted			263.4						259.5						263.2						259.3

The accompanying notes are an integral part of these consolidated financial statements.

AMEREN CORPORATION

CONSOLIDATED BALANCE SHEET

(Unaudited) (In millions, except per share amounts)

			September 30, 2023						December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents			$	8					$	10
Accounts receivable – trade (less allowance for doubtful accounts of $33 and $31, respectively)			597						600
Unbilled revenue			360						446
Miscellaneous accounts receivable			65						54
Inventories			760						667
Current regulatory assets			157						354
Investment in industrial development revenue bonds			—						240
Current collateral assets			13						142
Other current assets			124						155
Total current assets			2,084						2,668
Property, Plant, and Equipment, Net			32,938						31,262
Investments and Other Assets:
Nuclear decommissioning trust fund			1,042						958
Goodwill			411						411
Regulatory assets			1,772						1,426
Pension and other postretirement benefits			470						411
Other assets			882						768
Total investments and other assets			4,577						3,974
TOTAL ASSETS			$	39,599					$	37,904
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt			$	849					$	340
Short-term debt			1,340						1,070
Accounts and wages payable			955						1,159
Taxes accrued			209						59
Other current liabilities			664						738
Total current liabilities			4,017						3,366
Long-term Debt, Net			13,829						13,685
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net			4,068						3,804
Regulatory liabilities			5,336						5,309
Asset retirement obligations			761						763
Other deferred credits and liabilities			416						340
Total deferred credits and other liabilities			10,581						10,216
Commitments and Contingencies (Notes 2, 9, and 10)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 262.9 and 262.0, respectively			3						3
Other paid-in capital, principally premium on common stock			6,900						6,860
Retained earnings			4,144						3,646
Accumulated other comprehensive loss			(4)						(1)
Total shareholders’ equity			11,043						10,508
Noncontrolling Interests			129						129
Total equity			11,172						10,637
TOTAL LIABILITIES AND EQUITY			$	39,599					$	37,904

The accompanying notes are an integral part of these consolidated financial statements.

AMEREN CORPORATION
CONSOLIDATED STATEMENT OF CASH FLOWS
(Unaudited) (In millions)
			Nine Months Ended September 30,
			2023						2022
Cash Flows From Operating Activities:
Net income			$	998					$	915
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			1,063						1,016
Amortization of nuclear fuel			56						46
Amortization of debt issuance costs and premium/discounts			12						17
Deferred income taxes and investment tax credits, net			128						137
Allowance for equity funds used during construction			(39)						(31)
Stock-based compensation costs			21						18
Other			12						63
Changes in assets and liabilities:
Receivables			54						(296)
Inventories			(93)						(103)
Accounts and wages payable			(287)						(128)
Taxes accrued			156						147
Regulatory assets and liabilities			15						(17)
Assets, other			(78)						(87)
Liabilities, other			51						19
Pension and other postretirement benefits			(182)						(49)
Counterparty collateral, net			144						(68)
Net cash provided by operating activities			2,031						1,599
Cash Flows From Investing Activities:
Capital expenditures			(2,571)						(2,437)
Nuclear fuel expenditures			(63)						(22)
Purchases of securities – nuclear decommissioning trust fund			(156)						(176)
Sales and maturities of securities – nuclear decommissioning trust fund			136						163
Other			(2)						14
Net cash used in investing activities			(2,656)						(2,458)
Cash Flows From Financing Activities:
Dividends on common stock			(496)						(457)
Dividends paid to noncontrolling interest holders			(4)						(4)
Short-term debt, net			272						675
Maturities of long-term debt			(100)						(450)
Issuances of long-term debt			997						1,118
Issuances of common stock			28						29
Employee payroll taxes related to stock-based compensation			(20)						(16)
Debt issuance costs			(12)						(11)
Other			(10)						—
Net cash provided by financing activities			655						884
Net change in cash, cash equivalents, and restricted cash			30						25
Cash, cash equivalents, and restricted cash at beginning of year			216						155
Cash, cash equivalents, and restricted cash at end of period			$	246					$	180

The accompanying notes are an integral part of these consolidated financial statements.

AMEREN CORPORATION

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(Unaudited) (In millions, except per share amounts)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Common Stock			$	3					$	3					$	3					$	3
Other Paid-in Capital:
Beginning of period			6,880						6,527						6,860						6,502
Shares issued under the DRPlus and 401(k) plan			12						12						35						37
Stock-based compensation activity			8						9						5						9
Other paid-in capital, end of period			6,900						6,548						6,900						6,548
Retained Earnings:
Beginning of period			3,817						3,336						3,646						3,182
Net income attributable to Ameren common shareholders			493						452						994						911
Dividends on common stock			(166)						(152)						(496)						(457)
Retained earnings, end of period			4,144						3,636						4,144						3,636
Accumulated Other Comprehensive Income (Loss):
Deferred retirement benefit costs, beginning of period			(3)						14						(1)						13
Change in deferred retirement benefit costs			(1)						—						(3)						1
Deferred retirement benefit costs, end of period			(4)						14						(4)						14
Total accumulated other comprehensive income (loss), end of period			(4)						14						(4)						14
Total Shareholders’ Equity			$	11,043					$	10,201					$	11,043					$	10,201
Noncontrolling Interests:
Beginning of period			129						129						129						129
Net income attributable to noncontrolling interest holders			1						1						4						4
Dividends paid to noncontrolling interest holders			(1)						(1)						(4)						(4)
Noncontrolling interests, end of period			129						129						129						129
Total Equity			$	11,172					$	10,330					$	11,172					$	10,330
Common stock shares outstanding at beginning of period			262.7						258.4						262.0						257.7
Shares issued under the DRPlus and 401(k) plan			0.2						0.1						0.4						0.4
Shares issued for stock-based compensation			—						—						0.5						0.4
Common stock shares outstanding at end of period			262.9						258.5						262.9						258.5
Dividends per common share			$	0.63					$	0.59					$	1.89					$	1.77

The accompanying notes are an integral part of these consolidated financial statements.

UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED STATEMENT OF INCOME

(Unaudited) (In millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Operating Revenues:
Electric			$	1,219					$	1,338					$	2,978					$	2,966
Natural gas			18						21						123						130
Total operating revenues			1,237						1,359						3,101						3,096
Operating Expenses:
Fuel			158						117						423						376
Purchased power			75						247						420						458
Natural gas purchased for resale			4						7						60						65
Other operations and maintenance			256						252						732						744
Depreciation and amortization			217						208						579						550
Taxes other than income taxes			108						106						276						281
Total operating expenses			818						937						2,490						2,474
Operating Income			419						422						611						622
Other Income, Net			44						25						85						72
Interest Charges			63						58						166						157
Income Before Income Taxes			400						389						530						537
Income Taxes Benefit			(12)						(9)						(14)						(13)
Net Income			412						398						544						550
Preferred Stock Dividends			1						1						3						3
Net Income Available to Common Shareholder			$	411					$	397					$	541					$	547

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED BALANCE SHEET

(Unaudited) (In millions, except per share amounts)

			September 30, 2023						December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents			$	3					$	—
Accounts receivable – trade (less allowance for doubtful accounts of $12 and $13, respectively)			289						244
Accounts receivable – affiliates			16						51
Unbilled revenue			240						184
Miscellaneous accounts receivable			24						18
Inventories			512						434
Current regulatory assets			91						254
Investment in industrial development revenue bonds			—						240
Current collateral assets			12						101
Other current assets			41						66
Total current assets			1,228						1,592
Property, Plant, and Equipment, Net			16,797						16,124
Investments and Other Assets:
Nuclear decommissioning trust fund			1,042						958
Regulatory assets			700						594
Pension and other postretirement benefits			120						98
Other assets			137						140
Total investments and other assets			1,999						1,790
TOTAL ASSETS			$	20,024					$	19,506
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt			$	350					$	240
Short-term debt			157						329
Accounts and wages payable			396						606
Accounts payable – affiliates			85						43
Taxes accrued			181						29
Other current liabilities			213						323
Total current liabilities			1,382						1,570
Long-term Debt, Net			5,991						5,846
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and tax credits, net			2,018						1,982
Regulatory liabilities			2,851						2,871
Asset retirement obligations			757						759
Other deferred credits and liabilities			57						51
Total deferred credits and other liabilities			5,683						5,663
Commitments and Contingencies (Notes 2, 8, 9, and 10)
Shareholders’ Equity:
Common stock, $5 par value, 150.0 shares authorized – 102.1 shares outstanding			511						511
Other paid-in capital, principally premium on common stock			2,725						2,725
Preferred stock			80						80
Retained earnings			3,652						3,111
Total shareholders’ equity			6,968						6,427
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	20,024					$	19,506

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED STATEMENT OF CASH FLOWS

(Unaudited) (In millions)

			Nine Months Ended September 30,
			2023						2022
Cash Flows From Operating Activities:
Net income			$	544					$	550
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			618						603
Amortization of nuclear fuel			56						46
Amortization of debt issuance costs and premium/discounts			5						5
Deferred income taxes and investment tax credits, net			(73)						(17)
Allowance for equity funds used during construction			(20)						(17)
Other			(12)						9
Changes in assets and liabilities:
Receivables			(119)						(160)
Inventories			(78)						(19)
Accounts and wages payable			(206)						(192)
Taxes accrued			222						161
Regulatory assets and liabilities			65						(164)
Assets, other			12						(9)
Liabilities, other			(5)						14
Pension and other postretirement benefits			(67)						(12)
Counterparty collateral, net			89						(72)
Net cash provided by operating activities			1,031						726
Cash Flows From Investing Activities:
Capital expenditures			(1,255)						(1,237)
Nuclear fuel expenditures			(63)						(22)
Purchases of securities – nuclear decommissioning trust fund			(156)						(176)
Sales and maturities of securities – nuclear decommissioning trust fund			136						163
Other			—						17
Net cash used in investing activities			(1,338)						(1,255)
Cash Flows From Financing Activities:
Dividends on preferred stock			(3)						(3)
Short-term debt, net			(172)						13
Issuances of long-term debt			499						524
Debt issuance costs			(7)						(6)
Other			(10)						—
Net cash provided by financing activities			307						528
Net change in cash, cash equivalents, and restricted cash			—						(1)
Cash, cash equivalents, and restricted cash at beginning of year			13						8
Cash, cash equivalents, and restricted cash at end of period			$	13					$	7

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

UNION ELECTRIC COMPANY (d/b/a AMEREN MISSOURI)

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

(Unaudited) (In millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Common Stock			$	511					$	511					$	511					$	511
Other Paid-in Capital			2,725						2,725						2,725						2,725
Preferred Stock			80						80						80						80
Retained Earnings:
Beginning of period			3,241						2,745						3,111						2,595
Net income			412						398						544						550
Dividends on preferred stock			(1)						(1)						(3)						(3)
Retained earnings, end of period			3,652						3,142						3,652						3,142
Total Shareholders’ Equity			$	6,968					$	6,458					$	6,968					$	6,458

The accompanying notes as they relate to Ameren Missouri are an integral part of these consolidated financial statements.

AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF INCOME

(Unaudited) (In millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Operating Revenues:
Electric			$	661					$	758					$	1,998					$	1,886
Natural gas			122						146						665						811
Total operating revenues			783						904						2,663						2,697
Operating Expenses:
Purchased power			200						319						679						608
Natural gas purchased for resale			26						51						220						366
Other operations and maintenance			200						215						603						663
Depreciation and amortization			139						130						410						382
Taxes other than income taxes			34						34						108						122
Total operating expenses			599						749						2,020						2,141
Operating Income			184						155						643						556
Other Income, Net			37						26						115						75
Interest Charges			54						42						151						125
Income Before Income Taxes			167						139						607						506
Income Taxes			42						36						154						130
Net Income			125						103						453						376
Preferred Stock Dividends			—						—						1						1
Net Income Available to Common Shareholder			$	125					$	103					$	452					$	375

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

BALANCE SHEET

(Unaudited) (In millions)

			September 30, 2023						December 31, 2022
ASSETS
Current Assets:
Cash and cash equivalents			$	—					$	—
Accounts receivable – trade (less allowance for doubtful accounts of $21 and $18, respectively)			294						341
Accounts receivable – affiliates			11						12
Unbilled revenue			120						262
Miscellaneous accounts receivable			29						23
Inventories			248						233
Current regulatory assets			63						87
Other current assets			46						98
Total current assets			811						1,056
Property, Plant, and Equipment, Net			14,271						13,353
Investments and Other Assets:
Goodwill			411						411
Regulatory assets			1,046						821
Pension and other postretirement benefits			341						318
Other assets			565						482
Total investments and other assets			2,363						2,032
TOTAL ASSETS			$	17,445					$	16,441
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities:
Current maturities of long-term debt			$	—					$	100
Short-term debt			59						264
Accounts and wages payable			420						451
Accounts payable – affiliates			136						93
Customer deposits			132						87
Current regulatory liabilities			53						64
Other current liabilities			242						232
Total current liabilities			1,042						1,291
Long-term Debt, Net			5,231						4,735
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net			1,845						1,699
Regulatory liabilities			2,353						2,313
Other deferred credits and liabilities			304						235
Total deferred credits and other liabilities			4,502						4,247
Commitments and Contingencies (Notes 2, 8, and 9)
Shareholders’ Equity:
Common stock, no par value, 45.0 shares authorized – 25.5 shares outstanding			—						—
Other paid-in capital			2,979						2,929
Preferred stock			49						49
Retained earnings			3,642						3,190
Total shareholders’ equity			6,670						6,168
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			$	17,445					$	16,441

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF CASH FLOWS

(Unaudited) (In millions)

			Nine Months Ended September 30,
			2023						2022
Cash Flows From Operating Activities:
Net income			$	453					$	376
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization			410						381
Amortization of debt issuance costs and premium/discounts			3						9
Deferred income taxes and investment tax credits, net			123						92
Allowance for equity funds used during construction			(15)						(14)
Other			31						19
Changes in assets and liabilities:
Receivables			164						(138)
Inventories			(15)						(84)
Accounts and wages payable			(77)						62
Taxes accrued			19						54
Regulatory assets and liabilities			(45)						147
Assets, other			(80)						(70)
Liabilities, other			74						25
Pension and other postretirement benefits			(74)						(29)
Counterparty collateral, net			55						5
Net cash provided by operating activities			1,026						835
Cash Flows From Investing Activities:
Capital expenditures			(1,226)						(1,145)
Other			(3)						—
Net cash used in investing activities			(1,229)						(1,145)
Cash Flows From Financing Activities:
Dividends on preferred stock			(1)						(1)
Short-term debt, net			(205)						250
Maturities of long-term debt			(100)						(400)
Issuances of long-term debt			498						499
Capital contributions from parent			50						—
Debt issuance costs			(5)						(5)
Net cash provided by financing activities			237						343
Net change in cash, cash equivalents, and restricted cash			34						33
Cash, cash equivalents and restricted cash at beginning of year			191						133
Cash, cash equivalents, and restricted cash at end of period			$	225					$	166

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

AMEREN ILLINOIS COMPANY (d/b/a AMEREN ILLINOIS)

STATEMENT OF SHAREHOLDERS’ EQUITY

(Unaudited) (In millions)

			Three Months Ended September 30,												Nine Months Ended September 30,
			2023						2022						2023						2022
Common Stock			$	—					$	—					$	—					$	—
Other Paid-in Capital:
Beginning of period			2,929						2,914						2,929						2,914
Capital contributions from parent			50						—						50						—
Other paid-in capital, end of period			2,979						2,914						2,979						2,914
Preferred Stock			49						49						49						49
Retained Earnings:
Beginning of period			3,517						2,949						3,190						2,677
Net income			125						103						453						376
Dividends on preferred stock			—						—						(1)						(1)
Retained earnings, end of period			3,642						3,052						3,642						3,052
Total Shareholders’ Equity			$	6,670					$	6,015					$	6,670					$	6,015

The accompanying notes as they relate to Ameren Illinois are an integral part of these financial statements.

AMEREN CORPORATION (Consolidated)

UNION ELECTRIC COMPANY (Consolidated) (d/b/a Ameren Missouri)

AMEREN ILLINOIS COMPANY (d/b/a Ameren Illinois)

COMBINED NOTES TO FINANCIAL STATEMENTS

(Unaudited)

September 30, 2023

NOTE 1 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

General

Ameren, headquartered in St. Louis, Missouri, is a public utility holding company whose primary assets are its equity interests in its subsidiaries. Ameren’s subsidiaries are separate, independent legal entities with separate businesses, assets, and liabilities. Dividends on Ameren’s common stock and the payment of expenses by Ameren depend on distributions made to it by its subsidiaries. Ameren’s principal subsidiaries are listed below. Ameren has other subsidiaries that conduct other activities, such as providing shared services.

• Union Electric Company, doing business as Ameren Missouri, operates a rate-regulated electric generation, transmission, and distribution business and a rate-regulated natural gas distribution business in Missouri.

• Ameren Illinois Company, doing business as Ameren Illinois, operates rate-regulated electric transmission, electric distribution, and natural gas distribution businesses in Illinois.

• ATXI operates a FERC rate-regulated electric transmission business in the MISO.

Ameren’s and Ameren Missouri’s financial statements are prepared on a consolidated basis and therefore include the accounts of their majority-owned subsidiaries. All intercompany transactions have been eliminated. Ameren Missouri’s subsidiaries were created for the acquisition of renewable generation projects. Ameren Illinois has no subsidiaries. All tabular dollar amounts are in millions, unless otherwise indicated.

Our accounting policies conform to GAAP. Our financial statements reflect all adjustments (which include normal, recurring adjustments) that are necessary, in our opinion, for a fair presentation of our results. The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. Such estimates and assumptions affect reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the dates of financial statements, and reported amounts of revenues and expenses during the reporting periods. Actual results could differ from those estimates. The results of operations for an interim period may not give a true indication of results that may be expected for a full year. These financial statements should be read in conjunction with the financial statements and accompanying notes included in the Form 10-K.

Variable Interest Entities

As of September 30, 2023, and December 31, 2022, Ameren had unconsolidated variable interests in various equity method investments, primarily to advance clean and resilient energy technologies, totaling $73 million and $68 million, respectively, included in “Other assets” on Ameren’s consolidated balance sheet. Any earnings or losses related to these investments are included in “Other Income, Net” on Ameren’s consolidated statement of income and comprehensive income. Ameren is not the primary beneficiary of these investments because it does not have the power to direct matters that most significantly affect the activities of these variable interest entities. As of September 30, 2023, Ameren’s maximum exposure to loss related to these variable interests is limited to its investment of $73 million plus associated outstanding funding commitments of $14 million.

COLI

Ameren and Ameren Illinois have COLI, which is recorded at the net cash surrender value. The net cash surrender value is the amount that can be realized under the insurance policies at the balance sheet date. As of September 30, 2023, the cash surrender value of COLI at Ameren and Ameren Illinois was $250 million (December 31, 2022 – $246 million) and $122 million (December 31, 2022 – $118 million), respectively, while total borrowings against the policies were $116 million (December 31, 2022 – $110 million) at both Ameren and Ameren Illinois. Ameren and Ameren Illinois have the right to offset the borrowings against the cash surrender value of the policies and, consequently, present the net asset in “Other assets” on their respective balance sheets. The net cash surrender value of Ameren’s COLI is affected by the investment performance of a separate account in which Ameren holds a beneficial interest.

NOTE 2 – RATE AND REGULATORY MATTERS

Below is a summary of updates to significant regulatory proceedings and related legal proceedings. See Note 2 – Rate and Regulatory Matters under Part II, Item 8, of the Form 10-K for additional information and a summary of our regulatory frameworks. We are unable to predict the ultimate outcome of these matters, the timing of final decisions of the various agencies and courts, or the impact on our results of operations, financial position, or liquidity.

Missouri

June 2023 MoPSC Electric Rate Order

In June 2023, the MoPSC issued an order in Ameren Missouri’s 2022 electric service regulatory rate review, approving a nonunanimous stipulation and agreement. The order resulted in an increase of $140 million to Ameren Missouri’s annual revenue requirement for electric retail service. The approved revenue requirement is based on infrastructure investments as of December 31, 2022, and included an extension of the depreciable lives of the Sioux Energy Center’s assets from 2028 to 2030. The order did not explicitly specify an ROE, capital structure, or rate base. The order provides for the continued use of the FAC and trackers for pension and postretirement benefits, uncertain income tax positions, certain excess deferred income taxes, and renewable energy standard compliance costs that the MoPSC previously authorized in earlier electric rate orders, as well as the use of an electric property tax tracker. It also includes a tracker for the utilization of production and investment tax credits or proceeds from the sale of certain tax credits allowed under the IRA. Production and investment tax credits produced by renewable energy centers that support compliance with the state of Missouri’s renewable energy standard, such as the High Prairie Renewable and Atchison Renewable energy centers, are not eligible for tracking under this mechanism as they are included in the RESRAM. For additional information regarding the property tax tracker and the IRA, see Note 2 – Rate and Regulatory Matters and Note 12 – Income Taxes under Part II, Item 8, in the Form 10-K. The order increased the annualized base level of net energy costs pursuant to the FAC by approximately $40 million from the base level established in the MoPSC’s December 2021 electric rate order. The order also changed annualized depreciation, regulatory asset and liability amortization amounts, and the base level of expenses for trackers. On an annualized basis, these changes reflect approximate increases in “Depreciation and amortization” of $90 million and “Other income, net”, of $100 million, related to non-service pension and postretirement benefit income, on Ameren’s and Ameren Missouri’s consolidated statements of income. The new rates became effective on July 9, 2023.

Solar Generation Facilities

During 2022 and 2023, Ameren Missouri, and certain subsidiaries of Ameren Missouri, entered into agreements to acquire and/or construct various solar generation facilities, which, if placed in-service, would be eligible for recovery under the PISA. The following table provides information with respect to each agreement:

			Boomtown Solar Project**(a)(b)**			Huck Finn Solar Project**(b)(c)**			Split Rail Solar Project**(d)**			Cass County Solar Project**(d)**			Vandalia Solar Project**(d)**			Bowling Green Solar Project**(d)**
Agreement type			Build-transfer			Build-transfer			Build-transfer(e)			Development-transfer(e)(f)			Self-build(e)(g)			Self-build(e)(g)
Facility size			150-MW			200-MW			300-MW			150-MW			50-MW			50-MW
Status of MoPSC CCN			Approved April 2023			Approved February 2023			Filed June 2023(h)			Filed June 2023(h)			Filed June 2023(h)			Filed June 2023(h)
Status of FERC approval of acquisition			Received October 2023			Received March 2023			Expect to request by mid-2024			Not applicable			Not applicable			Not applicable
Earliest completion date(i)			Fourth quarter 2024			Fourth quarter 2024			Mid-2026			Fourth quarter 2024			Fourth quarter 2025			First quarter 2026

(a)The Boomtown Solar Project is expected to support Ameren Missouri’s transition to renewable energy generation and serve customers under the Renewable Solutions Program discussed below.

(b)These projects collectively represent approximately $0.65 billion of expected capital expenditures.

(c)The Huck Finn Solar Project is expected to support Ameren Missouri’s compliance with the state of Missouri’s renewable energy standard. Investments in the project will be eligible for recovery under the RESRAM.

(d)These solar projects are expected to support Ameren Missouri’s transition to renewable energy generation.

(e)These projects, and applicable agreements, are subject to the issuance of a CCN by the MoPSC.

(f)Ameren Missouri entered into an agreement to acquire the Cass County Solar Project, which includes project design, land rights, and engineering, procurement, and construction agreements for a solar generation facility. Ameren Missouri will construct the facility after obtaining a CCN from the MoPSC and acquiring the project. Acquisition of the project is expected by mid-2024.

(g)Ameren Missouri entered into engineering, procurement, and construction agreements to construct these solar projects.

(h)In October 2023, the MoPSC staff filed a recommendation that the MoPSC should not approve Ameren Missouri’s requests for CCNs for these solar projects, arguing Ameren Missouri did not adequately demonstrate the facilities are needed to continue providing service to customers. Ameren Missouri expects decisions on the CCNs by the MoPSC in the first quarter of 2024.

(i)Expected completion dates are dependent on the timing of regulatory approvals, among other things.

Renewable Solutions Program

The April 2023 MoPSC order approving the CCN for the Boomtown Solar Project also approved Ameren Missouri’s Renewable Solutions Program and a tariff related to participation in the program. Collection under the tariff will not begin until the assets of the Boomtown Solar Project are placed in service. The program allows certain commercial, industrial, and governmental customers who enroll in the program to receive up to 100% of their energy from renewable resources.

MoPSC Staff Review of Planned Rush Island Energy Center Retirement

In February 2022, the MoPSC issued an order directing the MoPSC staff to review Ameren Missouri’s planned accelerated retirement of the Rush Island Energy Center as a result of the NSR and Clean Air Act Litigation discussed in Note 9 – Commitments and Contingencies. The MoPSC staff’s review includes potential impacts on the reliability and cost of Ameren Missouri’s service to its customers; Ameren Missouri’s plans to mitigate the customer impacts of the accelerated retirement; and the prudence of Ameren Missouri’s actions and decisions with regard to the Rush Island Energy Center, among other things. In April 2022, the MoPSC staff filed an initial report with the MoPSC in which the staff concluded early retirement of the Rush Island Energy Center may cause reliability concerns. The MoPSC staff is under no deadline to complete this review. In Ameren Missouri’s electric service regulatory rate review discussed above, the MoPSC staff recommended a lower rate base for the Rush Island Energy Center claiming imprudent actions by Ameren Missouri. While the nonunanimous stipulation and agreement approved by the June 2023 MoPSC electric rate order did not specify any rate base disallowance, it did not preclude parties to the agreement from raising issues regarding the prudence of Ameren Missouri’s actions and decisions with regard to the energy center in future proceedings. Ameren Missouri is unable to predict the results of this matter. Results of the review could be used in other MoPSC proceedings, which could have a material adverse effect on the results of operations, financial position, and liquidity of Ameren and Ameren Missouri.

MEEIA

In August 2023, the MoPSC issued an order approving a nonunanimous stipulation and agreement to extend Ameren Missouri’s MEEIA 2019 program for an additional year through 2024. For the 2024 program year, the order approved the establishment of a portfolio of customer energy-efficiency programs and performance incentives that will provide Ameren Missouri an opportunity to earn revenues, including $12 million if Ameren Missouri achieves certain program spending goals. In 2024, Ameren Missouri expects to invest $76 million in energy-efficiency programs.

Illinois

MYRP

In January 2023, Ameren Illinois filed an MYRP with the ICC, which was subsequently revised in September 2023, to be used in setting electric distribution service rates for 2024 through 2027. Under the MYRP, the ICC would approve base rates for electric distribution service to be charged to customers for each calendar year of the four-year period. Related to this MYRP filing, the ICC staff submitted its recommendation and the administrative law judges issued a proposed order in September 2023 and October 2023, respectively. The following table includes the forecasted revenue requirement, the ROE, the capital structure common equity percentage, and the forecasted average annual rate base for 2024 through 2027, as reflected in Ameren Illinois’ revised MYRP filing, the ICC staff’s filing, and the administrative law judges’ proposed order:

			Ameren Illinois’ September 2023 Filing:												ICC Staff’s September 2023 Filing:												Administrative Law Judges’ October 2023 Proposed Order:
Year			2024			2025			2026			2027			2024			2025			2026			2027			2024			2025			2026			2027
Forecasted Revenue Requirement (in millions)(a)			$1,289			$1,385			$1,480			$1,556			$1,211			$1,295			$1,383			$1,435			$1,219			$1,306			$1,389			$1,450
ROE(b)(c)			10.5%			10.5%			10.5%			10.5%			8.9%			8.9%			8.9%			8.9%			9.24%			9.24%			9.24%			9.24%
Capital Structure Common Equity Percentage(c)(d)			53.99%			53.97%			54.02%			54.03%			50%			50%			50%			50%			50%			50%			50%			50%
Forecasted Average Annual Rate Base (in billions)			$4.3			$4.6			$4.9			$5.2			$4.1			$4.4			$4.6			$4.8			$4.1			$4.4			$4.6			$4.8

(a)If an initial rate increase phase-in provision, discussed below, is approved by the ICC, it would not affect the annual revenue requirement, but would affect the timing of associated recovery from customers.

(b)The ICC staff filing recommended an ROE based on the annual average of the monthly yields of the 30-year United States Treasury bonds plus 580 basis points, to be updated annually for each applicable calendar year of the MYRP. An estimated ROE of 8.9% was used to calculate the forecasted revenue requirements in the ICC staff filing, which is based on the average monthly yields of the 30-year United States Treasury bonds for 2022. The ICC staff proposed that variances in the revenue requirement resulting from a change in the ROE would be excluded from the reconciliation cap discussed below.

(c)In November 2023, Ameren Illinois updated its requested ROE and capital structure common equity percentage to 9.85% and 52% for all years, respectively.

(d)A capital structure of up to and including 50% common equity is deemed prudent and reasonable by law. A higher equity ratio requires specific ICC approval. The administrative law judges’ October 2023 proposed order recommends a capital structure that is the lower of 50% or Ameren Illinois’ actual equity ratio, excluding goodwill.

Under an MYRP, the IETL permits any initial rate increase to be phased in, with at least 50% of the first annual period’s approved rate increase reflected in rates in the first annual period, with the remaining portion deferred as a regulatory asset that earns a return at the applicable WACC and is collected from customers over a period not to exceed two years beginning within one year after the second annual period’s rates are effective. Ameren Illinois’ revised MYRP filing utilizes this phase-in provision and proposes to defer 50% of the requested 2024 rate increase of $177 million as a regulatory asset to be collected from customers in 2026. Ameren Illinois recognizes revenues that have been authorized for rate recovery when amounts are expected to be collected from customers within two years from the end of an applicable year. The ICC staff’s filing and the administrative law judges’ proposed order do not utilize a phase-in provision. An ICC decision in this proceeding is required by December 2023, with new rates effective starting in January 2024. Ameren Illinois cannot predict the level of any electric distribution service rate change the ICC may approve, or whether any rate change that may eventually be approved will be sufficient for Ameren Illinois to recover its costs to the extent those costs are subject to and exceed the reconciliation cap discussed below and earn a reasonable return on its investments when the rate change goes into effect.

The MYRP also allows Ameren Illinois to reconcile its actual revenue requirement, as adjusted for certain cost variations, to ICC-approved electric distribution service rates on an annual basis, subject to a reconciliation cap. The reconciliation cap limits the annual adjustment to 105% of the annual revenue requirement approved by the ICC. Certain variations from forecasted costs would be excluded from the reconciliation cap, including those associated with major storms; new business and facility relocations; changes in the timing of certain expenditures or investments into or out of the applicable calendar year; and changes in interest rates, income taxes, taxes other than income taxes, pension and other post-retirement benefits costs, and amortization of certain assets. The reconciliation cap also excludes costs recovered through riders outside of base rates, such as riders for electric energy-efficiency investments, power procurement and transmission services, renewable energy credits, zero emission credits, certain environmental costs, and bad debt write-offs, among others. Ameren Illinois’ existing riders will remain effective and electric distribution service revenues will continue to be decoupled from sales volumes under the MYRP. The actual revenue requirement for a particular year would incorporate Ameren Illinois’ year-end rate base and actual capital structure for such year, provided that the common equity ratio in such capital structure may not exceed that approved by the ICC in the MYRP. Excluding the proposed phase-in of the initial rate increase discussed above, and subject to the reconciliation cap, if a given year’s revenue amount collected from customers varies from the approved revenue requirement, an adjustment would be made to electric operating revenues with an offset to a regulatory asset or liability to reflect that year’s actual revenue requirement, independent of actual sales volumes. The regulatory balance would then be collected from, or refunded to, customers within two years from the end of the applicable annual period.

Under the MYRP, the ROE approved by the ICC will be subject to annual adjustments based on performance metrics. In 2022, the ICC issued an order approving total ROE incentives and penalties of 24 basis points, allocated among seven performance metrics. These performance metrics include improvements in service reliability in both the frequency and duration of outages, a reduction in peak loads, an increased percentage of spend with diverse suppliers, a reduction in disconnections for certain customers, and improved timeliness in response to customer requests for interconnection of distributed energy resources. These performance metrics will apply annually from 2024 through 2027 under the MYRP, and the impact of any incentives and penalties will be excluded from the reconciliation cap described above.

2022 Electric Distribution Revenue Requirement Reconciliation Adjustment Request

In April 2023, Ameren Illinois filed for a reconciliation adjustment to its 2022 electric distribution service revenue requirement with the ICC. In November 2023, Ameren Illinois filed a revised reconciliation adjustment, requesting recovery of $117 million. The reconciliation adjustment reflects Ameren Illinois’ actual 2022 recoverable costs, year-end rate base, and capital structure, which was composed of 52% common equity. In August 2023, the ICC staff submitted its calculation of the reconciliation adjustment, recommending recovery of $110 million, which is based on a capital structure composed of 50% common equity. In October 2023, the administrative law judges issued a proposed order consistent with the ICC staff’s recommendation. An ICC decision in this proceeding is required by December 2023, and any approved adjustment would be collected from customers in 2024.

Electric Customer Energy-Efficiency Investments

In May 2023, Ameren Illinois filed its annual electric energy-efficiency formula rate update to increase its rates by $27 million with the ICC. In August 2023, the ICC staff submitted a calculation of the revenue requirement included in Ameren Illinois’ filing, recommending a $24 million increase in rates. An ICC decision in this proceeding is required by December 2023, with new rates effective January 2024.

2023 Natural Gas Delivery Service Regulatory Rate Review

In January 2023, Ameren Illinois filed a request with the ICC seeking approval to increase its annual revenues for natural gas delivery service. In October 2023, Ameren Illinois filed a revised request seeking to increase its annual revenues by $140 million, which includes an estimated $77 million of annual revenues that would otherwise be recovered under riders. The revised request is based on a 10.22% allowed

ROE, a capital structure composed of 52% common equity, and a rate base of $2.9 billion. In an attempt to reduce regulatory lag, Ameren Illinois used a 2024 future test year in this proceeding. In October 2023, the ICC staff recommended an increase to annual revenues for natural gas delivery service of $127 million, which includes an estimated $77 million of annual revenues that would otherwise be recovered under riders. The recommendation is based on a 9.89% ROE, a capital structure composed of 50% common equity, and a rate base of $2.9 billion. In July 2023, other intervenors recommended an increase to annual revenues ranging from $98 million to $106 million, which were based on varying rate base amounts, a 9.5% ROE, and a capital structure composed of 52% common equity. In September 2023, the administrative law judge issued a proposed order consistent with the ICC staff’s recommendation. In October 2023, the other intervenors revised their recommendation to include a capital structure composed of 50% common equity, but did not revise their recommended revenue requirement. A decision by the ICC in this proceeding is required by late November 2023, with new rates expected to be effective by early December 2023. Ameren Illinois cannot predict the level of any delivery service rate change the ICC may approve, nor whether any rate change that may eventually be approved will be sufficient to enable Ameren Illinois to recover its costs and to earn a reasonable return on investments when the rate changes go into effect.

RTO Cost-Benefit Study

In July 2022, an Illinois law prohibiting the state’s oversight of certain electric utilities’ choice of RTO membership ceased to be effective. Given the change in law and the high prices resulting from MISO’s April 2022 capacity auction, the ICC issued an order requiring Ameren Illinois to perform a cost-benefit study of continued participation in the MISO compared to participation in PJM Interconnection LLC, another RTO. In July 2023, Ameren Illinois filed its cost-benefit study with the ICC. The cost-benefit study examined the impacts of participation in each RTO, including reliability, resiliency, affordability, and environmental impacts, among other things, for a period of five to 10 years, beginning June 2024. The study concluded that continued participation in the MISO was prudent and more cost-beneficial than participation in PJM Interconnection LLC. Intervenor comments on the study were filed in October 2023. The ICC is under no obligation to issue an order related to the cost-benefit study.

QIP Reconciliation Hearing

In March 2021, Ameren Illinois filed a request with the ICC for a reconciliation hearing to determine the accuracy and prudence of natural gas capital investments recovered under the QIP rider during 2020. In October 2023, the Illinois Attorney General’s office challenged the recovery of capital investments that were made during 2020, alleging that the ICC should disallow approximately $53 million in natural gas capital investments as improper and imprudent, providing a potential over-recovery of approximately $3 million in 2020. In October 2023, the ICC staff filed testimony that supports the prudence and reasonableness of the capital investments made during 2020. Ameren Illinois’ 2020 QIP rate recovery request under review by the ICC is within the rate increase limitations allowed by law. The ICC is under no deadline to issue an order in this proceeding. Ameren Illinois cannot predict the ultimate outcome of this regulatory proceeding.

Federal

MISO Transmission Rate Incentives

In July 2022, the MISO approved the first tranche of projects related to a preliminary long-range transmission planning roadmap of projects through 2039. A portion of these projects were assigned to various utilities, including Ameren. In October 2023, the FERC approved transmission rate incentives relating to the projects assigned to Ameren. The incentives will allow construction work in progress to be included in rate base for projects constructed by ATXI, thereby improving the timeliness of cash recovery, and would allow recovery of prudently incurred costs, subject to FERC approval, for any portion of the projects if they are abandoned for reasons beyond the control of Ameren.

FERC Complaint Cases

Since November 2013, the allowed base ROE for FERC-regulated transmission rate base under the MISO tariff has been subject to customer complaint cases and has been changed by various FERC orders. In May 2020, the FERC issued an order, which set the allowed base ROE to 10.02%, and required refunds, with interest, for the periods November 2013 to February 2015 and from late September 2016 forward. Ameren and Ameren Illinois paid these refunds, including interest, by March 31, 2022. In June and July 2020, Ameren Missouri, Ameren Illinois, and ATXI, as well as various customers, petitioned the United States Court of Appeals for the District of Columbia Circuit for review of the May 2020 order, challenging certain aspects of the new ROE methodology established. The petition filed by Ameren Missouri, Ameren Illinois, and ATXI challenged the refunds required for the period from September 2016 to May 2020. In August 2022, the court issued a ruling that granted the customers’ petition for review, vacated the FERC’s previous MISO ROE-determining orders, and remanded the proceedings to the FERC. The court elected not to rule on the issues raised by Ameren Missouri, Ameren Illinois, and ATXI. The currently allowed base ROE of 10.02% will remain effective for customer billings, but the transmission rates charged during previous periods and the currently effective rates may be subject to refund if the base ROE is changed by the FERC in a future order. The FERC is under no deadline to issue an order related to these proceedings. A 50-basis-point change in the FERC-allowed ROE would affect Ameren’s and Ameren Illinois’ annual revenue by an estimated $19 million and $13 million, respectively, based on each company’s 2023 projected rate base.

NOTE 3 – SHORT-TERM DEBT AND LIQUIDITY

The liquidity needs of the Ameren Companies are typically supported through the use of available cash, drawings under committed credit agreements, commercial paper issuances, and, in the case of Ameren Missouri and Ameren Illinois, short-term affiliate borrowings. See Note 4 – Short-term Debt and Liquidity under Part II, Item 8, in the Form 10-K for a description of our indebtedness provisions and other covenants as well as a description of money pool arrangements.

Short-term Borrowings

The Missouri Credit Agreement and the Illinois Credit Agreement are available to support issuances under Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper programs, respectively, subject to borrowing sublimits, and the issuance of letters of credit. As of September 30, 2023, based on commercial paper outstanding and letters of credit issued under the Credit Agreements, along with cash and cash equivalents, the net liquidity available to Ameren (parent), Ameren Missouri, and Ameren Illinois, collectively, was $1.3 billion. The Ameren Companies were in compliance with the covenants in their Credit Agreements as of September 30, 2023. As of September 30, 2023, the ratios of consolidated indebtedness to consolidated total capitalization, calculated in accordance with the provisions of the Credit Agreements, were 59%, 49%, and 45% for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

The following table presents commercial paper outstanding, net of issuance discounts, as of September 30, 2023, and December 31, 2022. There were no borrowings outstanding under the Credit Agreements as of September 30, 2023, or December 31, 2022.

			September 30, 2023									December 31, 2022
Ameren (parent)			$	1,124								$	477
Ameren Missouri			157									329
Ameren Illinois			59									264
Ameren consolidated			$	1,340								$	1,070

The following table summarizes the activity and relevant interest rates for Ameren (parent)’s, Ameren Missouri’s, and Ameren Illinois’ commercial paper issuances and borrowings under the Credit Agreements in the aggregate for the nine months ended September 30, 2023 and 2022:

						Ameren (parent)						Ameren Missouri						Ameren Illinois						Ameren Consolidated
2023
Average daily amount outstanding						$	687					$	306					$	181					$	1,174
Weighted-average interest rate						5.29		%				5.15		%				5.15		%				5.24		%
Peak amount outstanding during period(a)						$	1,127					$	592					$	450					$	1,381
Peak interest rate						5.60		%				5.60		%				5.60		%				5.60		%
2022
Average daily amount outstanding						$	439					$	253					$	99					$	791
Weighted-average interest rate						1.58		%				1.16		%				1.77		%				1.47		%
Peak amount outstanding during period(a)						$	690					$	539					$	354					$	1,222
Peak interest rate						3.55		%				3.55		%				3.60		%				3.60		%

(a)The timing of peak outstanding commercial paper issuances and borrowings under the Credit Agreements varies by company. Therefore, the sum of individual company peak amounts may not equal the Ameren consolidated peak for the period.

Money Pools

Ameren has money pool agreements with and among its subsidiaries to coordinate and provide for certain short-term cash and working capital requirements. The average interest rate for borrowings under the utility money pool for the three and nine months ended September 30, 2023, was 5.50% and 5.20%, respectively (2022 – 2.48% and 1.29%, respectively). See Note 8 – Related-party Transactions for the amount of interest income and expense from the utility money pool arrangements recorded by Ameren Missouri and Ameren Illinois for the three and nine months ended September 30, 2023 and 2022.

NOTE 4 – LONG-TERM DEBT AND EQUITY FINANCINGS

Ameren

For the three and nine months ended September 30, 2023, Ameren issued a total of 0.2 million and 0.4 million shares of common stock, respectively, under its DRPlus and 401(k) plan, and received proceeds of $5 million and $28 million, respectively. As of September 30, 2023, Ameren had a receivable of $7 million related to issuances of common stock under its DRPlus and 401(k) plan. In addition, in the first quarter of 2023, Ameren issued 0.5 million shares of common stock valued at $37 million upon the settlement of stock-based compensation awards.

In May 2023, Ameren filed a Form S-3 registration statement with the SEC, registering the offering of 3 million additional shares of its common stock under the DRPlus, which expires in May 2026. Shares of common stock sold under the DRPlus are, at Ameren’s option, newly issued shares, treasury shares, or shares purchased in the open market or in privately negotiated contracts.

In October 2023, Ameren, Ameren Missouri, and Ameren Illinois filed a Form S-3 shelf registration statement with the SEC, registering the issuance of an unspecified amount of certain types of securities. This registration statement expires in October 2026.

There were no shares issued under the ATM program for the three and nine months ended September 30, 2023. As of September 30, 2023, Ameren had approximately $910 million of common stock available for sale under the ATM program, which takes into account the forward sale agreements in effect as of September 30, 2023, discussed below.

The forward sale agreements outstanding as of September 30, 2023, can be settled at Ameren’s discretion on or prior to dates ranging from January 10, 2024 to February 28, 2025. On a settlement date or dates, if Ameren elects to physically settle a forward sale agreement, Ameren will issue shares of common stock to the counterparties at the then-applicable forward sale price. The initial forward sale price for the agreements ranged from $81.83 to $94.63, with an average initial forward sale price of $91.23. Each initial forward sale price is subject to adjustment based on a floating interest rate factor equal to the overnight bank funding rate less a spread of 75 basis points, and will be subject to decrease on certain dates specified in the forward sale agreements by specified amounts related to expected dividends on shares of the common stock during the term of the forward sale agreements. If the overnight bank funding rate is less than the spread on any day, the interest rate factor will result in a reduction of the forward sale price. The forward sale agreements will be physically settled unless Ameren elects to settle in cash or to net share settle. At September 30, 2023, Ameren could have settled the forward sale agreements with physical delivery of 4.3 million shares of common stock to the respective counterparties in exchange for cash of $390 million. Alternatively, the forward sale agreements could have also been settled at September 30, 2023, with the counterparties delivering approximately $72 million of cash or approximately 1.0 million shares of common stock to Ameren. In connection with the forward sale agreements outstanding at September 30, 2023, the various counterparties, or their affiliates, borrowed from third parties and sold 4.3 million shares of common stock. The gross sales price of these shares totaled $392 million. Ameren has not received any proceeds from such sales of borrowed shares. The forward sale agreements have been classified as equity transactions.

Ameren Missouri

In January 2023, Ameren Missouri and Audrain County mutually agreed to terminate a financing obligation agreement related to the CT energy center in Audrain County, which was scheduled to expire in December 2023. No cash was exchanged in connection with the termination of the agreement as the $240 million principal amount of the financing obligation due from Ameren Missouri was equal to the amount of bond service payments due to Ameren Missouri. Ownership of the energy center was transferred to Ameren Missouri in January 2023, at which time the property, plant, and equipment became subject to the lien of the Ameren Missouri mortgage bond indenture.

In March 2023, Ameren Missouri issued $500 million of 5.45% first mortgage bonds due March 2053, with interest payable semiannually on March 15 and September 15 of each year, beginning September 15, 2023. Net proceeds from this issuance were used for capital expenditures and to repay short-term debt.

Ameren Illinois

In May 2023, Ameren Illinois issued $500 million of 4.95% first mortgage bonds due June 2033, with interest payable semiannually on June 1 and December 1 of each year, beginning December 1, 2023. Net proceeds from this issuance were used to repay $100 million principal amount of its 0.375% first mortgage bonds that matured in June 2023 and short-term debt.

Ameren Illinois received capital contributions totaling $50 million from Ameren (parent) during the nine months ended September 30, 2023.

Indenture Provisions and Other Covenants

See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, in the Form 10-K for a description of our indenture provisions and other covenants, as well as restrictions on the payment of dividends. At September 30, 2023, the Ameren Companies were in compliance with the provisions and covenants contained in their indentures and articles of incorporation, as applicable, and ATXI was in compliance with the provisions and covenants contained in its note purchase agreements.

Off-balance-sheet Arrangements

At September 30, 2023, none of the Ameren Companies had any material off-balance-sheet financing arrangements, other than Ameren’s investment in variable interest entities and the multiple forward sale agreements under the ATM program relating to common stock. See Note 1 – Summary of Significant Accounting Policies for further detail concerning variable interest entities.

NOTE 5 – OTHER INCOME, NET

The following table presents the components of “Other Income, Net” in the Ameren Companies’ statements of income for the three and nine months ended September 30, 2023 and 2022:

			Three Months												Nine Months
			2023						2022						2023						2022
Ameren:
Allowance for equity funds used during construction			$	16					$	12					$	39					$	31
Interest income on industrial development revenue bonds			—						6						1						18
Other interest income			6						2						23						6
Non-service cost components of net periodic benefit income(a)			84						45						211						138
Miscellaneous income			1						3						4						8
Earnings (losses) related to equity method investments			—						(3)						2						1
Donations			(1)						(1)						(5)						(5)
Miscellaneous expense			(5)						(6)						(14)						(17)
Total Other Income, Net			$	101					$	58					$	261					$	180
Ameren Missouri:
Allowance for equity funds used during construction			$	8					$	7					$	20					$	17
Interest income on industrial development revenue bonds			—						6						1						18
Other interest income			3						1						8						2
Non-service cost components of net periodic benefit income(a)			34						13						62						41
Miscellaneous income			1						1						3						3
Donations			—						—						(2)						(2)
Miscellaneous expense			(2)						(3)						(7)						(7)
Total Other Income, Net			$	44					$	25					$	85					$	72
Ameren Illinois:
Allowance for equity funds used during construction			$	5					$	5					$	15					$	14
Interest income			4						1						14						4
Non-service cost components of net periodic benefit income			31						21						93						63
Miscellaneous income			—						3						2						5
Donations			(1)						(1)						(3)						(3)
Miscellaneous expense			(2)						(3)						(6)						(8)
Total Other Income, Net			$	37					$	26					$	115					$	75

(a)For the three and nine months ended September 30, 2023 the non-service cost components of net periodic benefit income were adjusted by amounts deferred of $(2) million and $32 million, respectively, due to a regulatory tracking mechanism for the difference between the level of such costs incurred by Ameren Missouri under GAAP and the level of such costs included in rates. The deferral was $5 million and $16 million, respectively, for the three and nine months ended September 30, 2022. See Note 11 – Retirement Benefits for additional information.

NOTE 6 – DERIVATIVE FINANCIAL INSTRUMENTS

We use derivatives to manage the risk of changes in market prices for natural gas, power, and uranium, as well as the risk of changes in rail transportation surcharges through fuel oil hedges. Such price fluctuations may cause the following:

• an unrealized appreciation or depreciation of our contracted commitments to purchase or sell when purchase or sale prices under the commitments are compared with current commodity prices;

• market values of natural gas and uranium inventories that differ from the cost of those commodities in inventory;

• actual cash outlays for the purchase of these commodities that differ from anticipated cash outlays; and

• actual off-system sales revenues that differ from anticipated revenues.

The derivatives that we use to hedge these risks are governed by our risk management policies for forward contracts, futures, options, and swaps. Our net positions are continually assessed within our structured hedging programs to determine whether new or offsetting transactions are required. The goal of the hedging program is generally to mitigate financial risks while ensuring that sufficient volumes are available to meet our requirements. Contracts we enter into as part of our risk management program may be settled financially, settled by physical delivery, or net settled with the counterparty.

All contracts considered to be derivative instruments are required to be recorded on the balance sheet at their fair values, unless the NPNS exception applies. Many of our physical contracts, such as our purchased power contracts, qualify for the NPNS exception to derivative accounting rules. The revenue or expense on NPNS contracts is recognized at the contract price upon physical delivery. The

following disclosures exclude NPNS contracts and other non-derivative commodity contracts that are accounted for under the accrual method of accounting.

If we determine that a contract meets the definition of a derivative and is not eligible for the NPNS exception, we review the contract to determine whether the resulting gains or losses qualify for regulatory deferral. Derivative contracts that qualify for regulatory deferral are recorded at fair value, with changes in fair value recorded as regulatory assets or liabilities in the period in which the change occurs. We believe derivative losses and gains deferred as regulatory assets and liabilities are probable of recovery, or refund, through future rates charged to customers. Regulatory assets and liabilities are amortized to operating income as related losses and gains are reflected in rates charged to customers. Therefore, gains and losses on these derivatives have no effect on operating income. As of September 30, 2023, and December 31, 2022, all contracts that met the definition of a derivative and were not eligible for the NPNS exception received regulatory deferral. Cash flows for all derivative financial instruments are classified in cash flows from operating activities.

The following table presents open gross commodity contract volumes by commodity type for derivative assets and liabilities as of September 30, 2023, and December 31, 2022. As of September 30, 2023, these contracts extended through October 2026, October 2029, May 2032 and March 2024 for fuel oils, natural gas, power and uranium, respectively.

			Quantity (in millions)
			September 30, 2023									December 31, 2022
Commodity			Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois			Ameren
Fuel oils (in gallons)			19			—			19			18			—			18
Natural gas (in mmbtu)			52			213			265			48			157			205
Power (in MWhs)			1			5			6			1			6			7
Uranium (pounds in thousands)			186			—			186			514			—			514

The following table presents the carrying value and balance sheet location of all derivative commodity contracts, none of which were designated as hedging instruments, as of September 30, 2023, and December 31, 2022:

									September 30, 2023																								December 31, 2022
			Balance Sheet Location						Ameren Missouri									Ameren Illinois									Ameren												Ameren Missouri									Ameren Illinois									Ameren
Fuel oils			Other current assets						$	6								$	—								$	6											$	13								$	—								$	13
			Other assets						2									—									2												3									—									3
Natural gas			Other current assets						1									6									7												7									23									30
			Other assets						5									3									8												9									11									20
Power			Other current assets						7									—									7												14									2									16
			Other assets						—									—									—												—									4									4
Uranium			Other current assets						5									—									5												2									—									2
			Other assets						—									—									—												1									—									1
			Total assets						$	26								$	9								$	35											$	49								$	40								$	89
Natural gas			Other current liabilities						7									25									32												7									20									27
			Other deferred credits and liabilities						6									16									22												2									9									11
Power			Other current liabilities						7									8									15												59									2									61
			Other deferred credits and liabilities						—									56									56												—									37									37
			Total liabilities						$	20								$	105								$	125											$	68								$	68								$	136

We believe that entering into master netting arrangements or similar agreements mitigates the level of financial loss that could result from default by allowing net settlement of derivative assets and liabilities. These master netting arrangements allow the counterparties to net settle sale and purchase transactions. Further, collateral requirements are calculated at the master netting arrangement or similar agreement level by counterparty.

The following table provides the recognized gross derivative balances and the net amounts of those derivatives subject to an enforceable master netting arrangement or similar agreement as of September 30, 2023, and December 31, 2022:

												Gross Amounts Not Offset in the Balance Sheet
Commodity Contracts Eligible to be Offset						Gross Amounts Recognized in the Balance Sheet						Derivative Instruments						Cash Collateral Received/Posted**(a)**						Net Amount
September 30, 2023
Assets:
Ameren Missouri						$	26					$	6					$	—					$	20
Ameren Illinois						9						5						—						4
Ameren						$	35					$	11					$	—					$	24
Liabilities:
Ameren Missouri						$	20					$	6					$	5					$	9
Ameren Illinois						105						5						—						100
Ameren						$	125					$	11					$	5					$	109
December 31, 2022
Assets:
Ameren Missouri						$	49					$	9					$	—					$	40
Ameren Illinois						40						20						—						20
Ameren						$	89					$	29					$	—					$	60
Liabilities:
Ameren Missouri						$	68					$	9					$	56					$	3
Ameren Illinois						68						20						—						48
Ameren						$	136					$	29					$	56					$	51

(a)Cash collateral received reduces gross asset balances and is included in “Other current liabilities” and “Other deferred credits and liabilities” on the balance sheet. Cash collateral posted reduces gross liability balances and is included in “Current collateral assets” and “Other assets” on the balance sheet for Ameren and Ameren Missouri and “Other current assets” and “Other assets” for Ameren Illinois.

Credit Risk

In determining our concentrations of credit risk related to derivative instruments, we review our individual counterparties and categorize each counterparty into groupings according to the primary business in which each engages. As of September 30, 2023, if counterparty groups were to fail completely to perform on contracts, the Ameren Companies’ maximum exposure related to derivative assets, predominantly from financial institutions, would have been immaterial with or without consideration of the application of master netting arrangements or similar agreements and collateral held.

Certain of our derivative instruments contain collateral provisions tied to the Ameren Companies’ credit ratings. If our credit ratings were downgraded below investment grade, or if a counterparty with reasonable grounds for uncertainty regarding our ability to satisfy an obligation requested adequate assurance of performance, additional collateral postings might be required. The additional collateral required is the net liability position allowed under master netting arrangements or similar agreements, assuming (1) the credit risk-related contingent features underlying these arrangements were triggered and (2) those counterparties with rights to do so requested collateral. The following table presents, as of September 30, 2023, the aggregate fair value of all derivative instruments with credit risk-related contingent features in a gross liability position, the cash collateral posted, and the aggregate amount of additional collateral that counterparties could require:

			Aggregate Fair Value of Derivative Liabilities**(a)**						Cash Collateral Posted						Potential Aggregate Amount of Additional Collateral Required**(b)**
Ameren Missouri			$	14					$	—					$	8
Ameren Illinois			41						—						35
Ameren			$	55					$	—					$	43

(a)Before consideration of master netting arrangements or similar agreements.

(b)As collateral requirements with certain counterparties are based on master netting arrangements or similar agreements, the aggregate amount of additional collateral required to be posted is determined after consideration of the effects of such arrangements.

NOTE 7 – FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. See Note 8 – Fair Value Measurements under Part II, Item 8, of the Form 10-K for information related to hierarchy levels and valuation techniques.

We consider nonperformance risk in our valuation of derivative instruments by analyzing our own credit standing and the credit standing of our counterparties, and by considering any credit enhancements (e.g., collateral). Included in our valuation, and based on current market conditions, is a valuation adjustment for counterparty default derived from market data such as the price of credit default swaps, bond yields, and credit ratings. No material gains or losses related to valuation adjustments for counterparty default risk were recorded at Ameren, Ameren Missouri, or Ameren Illinois in the three and nine months ended September 30, 2023 or 2022. At September 30, 2023, and December 31, 2022, the counterparty default risk valuation adjustment related to derivative contracts was immaterial for Ameren, Ameren Missouri, and Ameren Illinois.

The following table sets forth, by level within the fair value hierarchy, our assets and liabilities measured at fair value on a recurring basis as of September 30, 2023, and December 31, 2022:

						September 30, 2023																		December 31, 2022
						Level 1			Level 2			Level 3			Total									Level 1			Level 2			Level 3			Total
Assets:
Ameren Missouri
			Derivative assets – commodity contracts:
			Fuel oils			$	8		$	—		$	—		$	8								$	16		$	—		$	—		$	16
			Natural gas			—			6			—			6									1			15			—			16
			Power			—			—			7			7									—			—			14			14
			Uranium			—			—			5			5									—			—			3			3
			Total derivative assets – commodity contracts			$	8		$	6		$	12		$	26								$	17		$	15		$	17		$	49
			Nuclear decommissioning trust fund:
			Equity securities:
			U.S. large capitalization			$	703		$	—		$	—		$	703								$	618		$	—		$	—		$	618
			Debt securities:
			U.S. Treasury and agency securities			—			138			—			138									—			137			—			137
			Corporate bonds			—			126			—			126									—			122			—			122
			Other			—			70			—			70									—			70			—			70
			Total nuclear decommissioning trust fund			$	703		$	334		$	—		$	1,037		(a)						$	618		$	329		$	—		$	947		(a)
			Total Ameren Missouri			$	711		$	340		$	12		$	1,063								$	635		$	344		$	17		$	996
Ameren Illinois
			Derivative assets – commodity contracts:
			Natural gas			$	—		$	6		$	3		$	9								$	1		$	28		$	5		$	34
			Power			—			—			—			—									—			—			6			6
			Total Ameren Illinois			$	—		$	6		$	3		$	9								$	1		$	28		$	11		$	40
Ameren
			Derivative assets – commodity contracts(b)			$	8		$	12		$	15		$	35								$	18		$	43		$	28		$	89
			Nuclear decommissioning trust fund(c)			703			334			—			1,037			(a)						618			329			—			947			(a)
			Total Ameren			$	711		$	346		$	15		$	1,072								$	636		$	372		$	28		$	1,036
Liabilities:
Ameren Missouri
			Derivative liabilities – commodity contracts:
			Natural gas			—			11			2			13									—			6			3			9
			Power			6			—			1			7									57			—			2			59
			Total Ameren Missouri			$	6		$	11		$	3		$	20								$	57		$	6		$	5		$	68
Ameren Illinois
			Derivative liabilities – commodity contracts:
			Natural gas			$	2		$	34		$	5		$	41								$	—		$	19		$	10		$	29
			Power			—			—			64			64									—			—			39			39
			Total Ameren Illinois			$	2		$	34		$	69		$	105								$	—		$	19		$	49		$	68
Ameren
			Derivative liabilities – commodity contracts(b)			$	8		$	45		$	72		$	125								$	57		$	25		$	54		$	136

(a)Balance excludes $5 million and $11 million of cash and cash equivalents, receivables, payables, and accrued income, net, for September 30, 2023, and December 31, 2022, respectively.

(b)See the Ameren Missouri and Ameren Illinois sections of the table for a breakout of the fair value of Ameren’s derivative assets and liabilities by type of commodity.

(c)See the Ameren Missouri section of the table for a breakout of the fair value of Ameren’s nuclear decommissioning trust fund by investment type.

Level 3 fuel oils, natural gas, and uranium derivative contract assets and liabilities measured at fair value on a recurring basis were immaterial for all periods presented. The following table presents the fair value reconciliation of Level 3 power derivative contract assets and liabilities measured at fair value on a recurring basis for the three and nine months ended September 30, 2023 and 2022:

			2023															2022
			Ameren Missouri			Ameren Illinois									Ameren									Ameren Missouri			Ameren Illinois			Ameren
For the three months ended September 30:
Beginning balance at July 1			$	14		$	(68)								$	(54)								$	(36)		$	(44)		$	(80)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities			(5)			1									(4)									(10)			30			20
Settlements			(3)			3									—									38			(6)			32
Ending balance at September 30			$	6		$	(64)								$	(58)								$	(8)		$	(20)		$	(28)
Change in unrealized gains/(losses) related to assets/liabilities held at September 30			$	(5)		$	1								$	(4)								$	(3)		$	28		$	25
For the nine months ended September 30:
Beginning balance at January 1			$	12		$	(33)								$	(21)								$	(15)		$	(117)		$	(132)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities			3			(40)									(37)									(56)			105			49
Settlements			(9)			9									—									63			(8)			55
Ending balance at September 30			$	6		$	(64)								$	(58)								$	(8)		$	(20)		$	(28)
Change in unrealized gains/(losses) related to assets/liabilities held at September 30			$	6		$	(31)								$	(25)								$	(39)		$	100		$	61

All gains or losses related to our Level 3 derivative commodity contracts are expected to be recovered or returned through customer rates; therefore, there is no impact to either net income or other comprehensive income resulting from changes in the fair value of these instruments.

The following table describes the valuation techniques and significant unobservable inputs utilized for the fair value of our Level 3 power derivative contract assets and liabilities as of September 30, 2023, and December 31, 2022:

									Fair Value																		Weighted Average**(b)**
			Commodity						Assets						Liabilities			Valuation Technique(s)			Unobservable Input**(a)**			Range
2023			Power(c)			$			7			$			(65)			Discounted cash flow			Average forward peak and off-peak pricing – forwards/swaps ($/MWh)			32 – 63			43
																					Nodal basis ($/MWh)			(10) – (1)			(5)
2022			Power(d)			$			20			$			(41)			Discounted cash flow			Average forward peak and off-peak pricing – forwards/swaps ($/MWh)			38 – 89			51
																					Nodal basis ($/MWh)			(10) – (1)			(4)
																					Trend rate (%)			0 – 1			0

(a)Generally, significant increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement.

(b)Unobservable inputs were weighted by relative fair value.

(c)Valuations use visible forward prices adjusted for nodal-to-hub basis differentials.

(d)Valuations through 2031 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2031 use a trend rate factor and are similarly adjusted for nodal-to-hub basis differentials.

The following table sets forth the carrying amount and, by level within the fair value hierarchy, the fair value of financial assets and liabilities disclosed, but not recorded, at fair value as of September 30, 2023, and December 31, 2022:

			Carrying Amount						Fair Value
						Level 1						Level 2						Level 3						Total
			September 30, 2023
Ameren:
Cash, cash equivalents, and restricted cash			$	246					$	246					$	—					$	—					$	246
Short-term debt			1,340						—						1,340						—						1,340
Long-term debt (including current portion)			14,678			(a)			—						11,985						432			(b)			12,417
Ameren Missouri:
Cash, cash equivalents, and restricted cash			$	13					$	13					$	—					$	—					$	13
Short-term debt			157						—						157						—						157
Long-term debt (including current portion)			6,341			(a)			—						5,287						—						5,287
Ameren Illinois:
Cash, cash equivalents, and restricted cash			$	225					$	225					$	—					$	—					$	225
Short-term debt			59						—						59						—						59
Long-term debt (including current portion)			5,231			(a)			—						4,419						—						4,419
			December 31, 2022
Ameren:
Cash, cash equivalents, and restricted cash			$	216					$	216					$	—					$	—					$	216
Investment in industrial development revenue bonds(c)			240						—						240						—						240
Short-term debt			1,070						—						1,070						—						1,070
Long-term debt (including current portion)(c)			14,025			(a)			—						11,989						464			(b)			12,453
Ameren Missouri:
Cash, cash equivalents, and restricted cash			$	13					$	13					$	—					$	—					$	13
Investment in industrial development revenue bonds(c)			240						—						240						—						240
Short-term debt			329						—						329						—						329
Long-term debt (including current portion)(c)			6,086			(a)			—						5,365						—						5,365
Ameren Illinois:
Cash, cash equivalents, and restricted cash			$	191					$	191					$	—					$	—					$	191
Short-term debt			264						—						264						—						264
Long-term debt (including current portion)			4,835			(a)			—						4,320						—						4,320

(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $105 million, $45 million, and $48 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of September 30, 2023. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $99 million, $41 million, and $44 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2022.

(b)The Level 3 fair value amount consists of ATXI’s senior unsecured notes.

(c)Ameren and Ameren Missouri had an investment in industrial development revenue bonds, classified as held-to-maturity, that were equal to the finance obligation for the Audrain CT energy center. As of December 31, 2022, the carrying amount of the investment in industrial development revenue bonds and the finance obligation approximated fair value.

NOTE 8 – RELATED-PARTY TRANSACTIONS

In the ordinary course of business, Ameren Missouri and Ameren Illinois have engaged in, and may in the future engage in, affiliate transactions. These transactions primarily consist of natural gas and power purchases and sales, services received or rendered, and borrowings and lendings. Transactions between Ameren’s subsidiaries are reported as affiliate transactions on their individual financial statements, but those transactions are eliminated in consolidation for Ameren’s consolidated financial statements. For a discussion of material related-party agreements and money pool arrangements, see Note 13 – Related-party Transactions and Note 4 – Short-term Debt and Liquidity under Part II, Item 8, of the Form 10-K.

Support Services Agreements

Ameren Missouri and Ameren Illinois had long-term receivables included in “Other assets” from Ameren Services of $28 million and $31 million, respectively, as of September 30, 2023, and $41 million and $43 million, respectively, as of December 31, 2022, related to Ameren Services’ allocated portion of Ameren’s pension and postretirement benefit plans.

Tax Allocation Agreement

See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of the Form 10-K for a discussion of the tax allocation agreement. The following table presents the affiliate balances related to income taxes for Ameren Missouri and Ameren Illinois as of September 30, 2023, and December 31, 2022:

			September 30, 2023												December 31, 2022
			Ameren Missouri			Ameren Illinois									Ameren Missouri			Ameren Illinois
Income taxes payable to parent(a)			$	29		$	81								$	—		$	50
Income taxes receivable from parent(b)			—			—									39			—

(a)Included in “Accounts payable – affiliates” on the balance sheet.

(b)Included in “Accounts receivable – affiliates” on the balance sheet.

Effects of Related-party Transactions on the Statement of Income

The following table presents the impact on Ameren Missouri and Ameren Illinois of related-party transactions for the three and nine months ended September 30, 2023 and 2022:

												Three Months												Nine Months
Agreement			Income Statement Line Item									Ameren Missouri						Ameren Illinois						Ameren Missouri						Ameren Illinois
Ameren Missouri power supply			Operating Revenues			2023			$			2			$			(a)			$			2			$			(a)
agreements with Ameren Illinois						2022						2						(a)						7						(a)
Ameren Missouri and Ameren Illinois			Operating Revenues			2023			$			7			$			(b)			$			25			$			(b)
rent and facility services						2022						6						(b)						18						(b)
Ameren Missouri and Ameren Illinois miscellaneous			Operating Revenues			2023			$			(b)			$			2			$			(b)			$			2
support services						2022						(b)						(b)						(b)						1
Total Operating Revenues						2023			$			9			$			2			$			27			$			2
						2022						8						(b)						25						1
Ameren Illinois power supply			Purchased Power			2023			$			(a)			$			2			$			(a)			$			2
agreements with Ameren Missouri						2022						(a)						2						(a)						7
Ameren Missouri and Ameren Illinois			Purchased Power			2023			$			(b)			$			1			$			1			$			1
transmission services from ATXI						2022						1						(b)						1						(b)
Total Purchased Power						2023			$			(b)			$			3			$			1			$			3
						2022						1						2						1						7
Ameren Missouri and Ameren Illinois			Other Operations and Maintenance			2023			$			(b)			$			(b)			$			(b)			$			2
rent and facility services						2022						(b)						1						(b)						2
Ameren Services support services			Other Operations and Maintenance			2023			$			36			$			33			$			106			$			101
agreement						2022						38						36						109						103
Total Other Operations and						2023			$			36			$			33			$			106			$			103
Maintenance						2022						38						37						109						105
Money pool borrowings (advances)			(Interest Charges)/Other Income, Net			2023			$			(b)			$			(b)			$			(b)			$			(b)
						2022						(b)						(b)						(b)						(b)

(a)Not applicable.

(b)Amount less than $1 million.

NOTE 9 – COMMITMENTS AND CONTINGENCIES

We are involved in legal, tax, and regulatory proceedings before various courts, regulatory commissions, authorities, and governmental agencies with respect to matters that arise in the ordinary course of business, some of which involve substantial amounts of money. We believe that the final disposition of these proceedings, except as otherwise disclosed in the notes to our financial statements in this report and in the Form 10-K, will not have a material adverse effect on our results of operations, financial position, or liquidity.

Reference is made to Note 1 – Summary of Significant Accounting Policies, Note 2 – Rate and Regulatory Matters, Note 9 – Callaway Energy Center, Note 13 – Related-party Transactions, and Note 14 – Commitments and Contingencies under Part II, Item 8, of the Form 10-K. See also Note 1 – Summary of Significant Accounting Policies, Note 2 – Rate and Regulatory Matters, Note 8 – Related-party Transactions, and Note 10 – Callaway Energy Center of this report.

Environmental Matters

Our electric generation, transmission, and distribution and natural gas distribution and storage operations must comply with a variety of statutes and regulations relating to the protection of the environment and human health and safety including permitting programs implemented by federal, state, and local authorities. Such environmental laws address air emissions; discharges to water bodies; the storage, handling and disposal of hazardous substances and waste materials; siting and land use requirements; and potential ecological impacts. Complex and lengthy processes are required to obtain and renew approvals, permits, and licenses for new, existing, or modified energy-

related facilities. Additionally, the use and handling of various chemicals or hazardous materials require release prevention plans and emergency response procedures. We employ dedicated personnel knowledgeable in environmental matters to oversee our business activities’ compliance with requirements of environmental laws.

Environmental regulations have a significant impact on the electric utility industry and compliance with these regulations could be costly for Ameren Missouri, which operates coal-fired power plants. Regulations under the Clean Air Act that apply to the electric utility industry include the NSPS, the CSAPR, the MATS, and the National Ambient Air Quality Standards, which are subject to periodic review for certain pollutants. Collectively, these regulations cover a variety of pollutants, such as SO2, particulate matter, NOx, mercury, toxic metals and acid gases, and CO2 emissions. Regulations implementing the Clean Water Act govern both intake and discharges of water, as well as evaluation of the ecological and biological impact of those operations, and could require modifications to water intake structures or more stringent limitations on wastewater discharges. Depending upon the scope of modifications ultimately required by state regulators, capital expenditures associated with these modifications could be significant. The management and disposal of coal ash is regulated under the Resource Conservation and Recovery Act and the CCR Rule, which require the closure of surface impoundments at Ameren Missouri’s coal-fired energy centers. The individual or combined effects of compliance with existing and new environmental regulations could result in significant capital expenditures, increased operating costs, or the closure or alteration of operations at some of Ameren Missouri’s energy centers. Ameren and Ameren Missouri expect that such compliance costs would be recoverable through rates, subject to MoPSC prudence review, but the timing of costs and their recovery could be subject to regulatory lag.

Additionally, Ameren Missouri’s wind generation facilities may be subject to operating restrictions to limit the impact on protected species. Since 2021, Ameren Missouri’s High Prairie Renewable Energy Center curtailed nighttime operations from April through October to limit impacts on protected species during the critical biological season. Seasonal nighttime curtailment began again in April 2023. Ameren Missouri resumed nighttime operations in November 2023, but the extent and duration of future curtailments are unknown at this time as assessment of mitigation technologies is ongoing. Ameren Missouri does not anticipate these operating curtailments will have a material impact on its results of operations, financial position, or liquidity.

Ameren and Ameren Missouri estimate that they will need to make capital expenditures of $90 million to $120 million from 2023 through 2027 in order to comply with existing environmental regulations. Additional capital expenditures for environmental controls beyond 2027 could be required. This estimate of capital expenditures includes surface impoundment closure and corrective action measures required by the CCR Rule and potential modifications to cooling water intake structures at existing power plants under Clean Water Act rules, all of which are discussed below. In addition to planned retirements of coal-fired energy centers as set forth in the 2023 IRP filed with the MoPSC in September 2023 and as noted in the NSR and Clean Air Act litigation discussed below and Illinois emissions standards discussed in Note 14 – Commitments and Contingencies under Part II, Item 8, of the Form 10-K, Ameren Missouri’s current plan for compliance with existing air emission regulations includes burning low-sulfur coal and installing new or optimizing existing air pollution control equipment. The actual amount of capital expenditures required to comply with existing environmental regulations may vary substantially from the above estimates because of uncertainty as to future permitting requirements by state regulators and the EPA, revisions to regulatory obligations, and varying cost of potential compliance strategies, among other things.

The following sections describe the more significant environmental laws and rules and environmental enforcement and remediation matters that affect or could affect our operations. The EPA periodically amends and revises its regulations and proposes amendments to regulations and guidelines, which could ultimately result in the revision of all or part of such rules.

Clean Air Act

Federal and state laws, including the CSAPR, regulate emissions of SO2 and NOx through the reduction of emissions at their source and the use and retirement of emission allowances. In April 2022, the EPA proposed plans for additional NOx emission reductions from power plants in Missouri, Illinois, and other states through revisions to the CSAPR. In January 2023, the EPA issued its final disapproval of Missouri’s proposed state implementation plan for addressing the transport of ozone under the Good Neighbor Plan of the Clean Air Act. The disapproval of the state plan allows the EPA to implement revisions to the CSAPR through a federal implementation plan. In March 2023, the EPA announced federal implementation plan requirements, which were subsequently published to the Federal Register in June 2023, reducing the amount of NOx allowances available for state budgets and imposing NOx emission limits on electric generating units for Missouri, Illinois, and other states under the Good Neighbor Plan of the Clean Air Act. In April 2023, the Missouri Attorney General and Ameren Missouri separately filed lawsuits in the United States Court of Appeals for the Eighth Circuit challenging the EPA’s disapproval of the Missouri state plan and sought a stay of the EPA’s disapproval of the Missouri state plan. The United States Court of Appeals for the Eighth Circuit in May 2023 granted those stay motions thereby preventing the EPA from imposing the federal implementation plan until the court of appeals issues a ruling, which is expected in 2024. Ameren Missouri has complied with the current CSAPR requirements by minimizing emissions through the use of low-sulfur coal, operation of two scrubbers at its Sioux Energy Center, and optimization of other existing NOx air pollution control equipment. Restrictions on the use of state budget NOx allowances for compliance with NOx emission limits could result in additional controls being required on Ameren Missouri’s generating units and/or the reduction of operations. Any additional

costs for compliance are expected to be recovered from customers, subject to MoPSC prudence review, through the FAC or higher base rates.

CO**2 Emissions Standards

In June 2022, the United States Supreme Court issued its decision in West Virginia v. EPA, clarifying that there are limits on how the EPA may regulate greenhouse gases absent further direction from the United States Congress. The court concluded that the EPA’s proposed rules were designed to shift generation from fossil-fuel-fired power plants to renewable energy facilities, which was improper absent specific congressional authorization. In May 2023, the EPA issued a proposed rule that would set CO2 emission standards for new and existing fossil-fuel-fired power plants based on the adoption of carbon capture technology, natural gas co-firing, and co-firing hydrogen fuel to reduce emissions. If the proposed rule were adopted, the affected fossil-fuel-fired power plants would be required to comply with the rule through a phased-in approach or retire. Capacity restrictions for coal-fired units could apply as early as 2030. Larger natural gas-fired power plants would be required to co-fire with hydrogen by 2032, with additional requirements by 2038. The EPA expects to issue a final rule in 2024. Legal challenges to the final rule, if adopted as proposed, are expected. Ameren and Ameren Missouri cannot predict the results of any such challenges or potential impacts of any such regulations on their results of operations, financial position, and liquidity until final regulations are adopted and the merits of such legal challenges are determined.

NSR and Clean Air Act Litigation

In January 2011, the United States Department of Justice, on behalf of the EPA, filed a complaint against Ameren Missouri in the United States District Court for the Eastern District of Missouri alleging that projects performed in 2007 and 2010 at the coal-fired Rush Island Energy Center violated provisions of the Clean Air Act and Missouri law. In January 2017, the district court issued a liability ruling against Ameren Missouri and, in September 2019, entered a remedy order that required Ameren Missouri to install a flue gas desulfurization system at the Rush Island Energy Center and a dry sorbent injection system at the Labadie Energy Center. Following an appeal from Ameren Missouri, in August 2021, the United States Court of Appeals for the Eighth Circuit affirmed the liability ruling and the district court’s remedy order as it related to the installation of a flue gas desulfurization system at the Rush Island Energy Center, but reversed the order as it related to the installation of a dry sorbent injection system at the Labadie Energy Center. In November 2021, the court of appeals issued an order denying requests for re-consideration sought by both Ameren Missouri and the United States Department of Justice. In September 2023, the district court granted Ameren Missouri’s request to modify the remedy order to allow the retirement of the Rush Island Energy Center in advance of its previously expected useful life in lieu of installing a flue gas desulfurization system. In its amended remedy order, the district court established an October 15, 2024 retirement date and, in the interim, authorized Ameren Missouri to operate the energy center as directed by the MISO. The United States Department of Justice is seeking an order from the district court providing for additional mitigation relief. Ameren Missouri is challenging such mitigation claims, noting that the scope of any such potential additional mitigation relief should be limited by the August 2021 court of appeals decision and offset by emission reductions resulting from the accelerated retirement of the Rush Island Energy Center.

The MISO designated the energy center as a system support resource in 2022 and concluded that certain reliability mitigation measures, including transmission upgrades, should occur before the energy center is retired. The Rush Island Energy Center began operating as a system support resource on September 1, 2022. In 2023, the MISO extended the system support resource designation through August 2024, and in September 2023, an agreement between Ameren Missouri and the MISO was approved by the FERC that results in the Rush Island Energy Center only operating during peak demand times and emergencies. The system support resource designation and the related agreement are subject to annual renewal and revision. Construction activities are underway for the transmission upgrades approved by the MISO, with the majority of the upgrades expected to be completed in the fall of 2024. Ameren Missouri expects to complete the last of the upgrades by mid-2025. In addition, in August 2023, the FERC approved a settlement agreement for Ameren Missouri’s request for recovery of non-energy costs under the related MISO tariff between Ameren Missouri and certain intervenors, which provided for recovery of substantially all of Ameren Missouri’s requested non-energy costs through August 2023. In October 2023, Ameren Missouri received FERC approval for the recovery of non-energy costs under the related MISO tariff for the period between September 2023 and August 2024. Revenues and costs under the MISO tariff are included in the FAC. Related to this matter, in February 2022, the MoPSC issued an order directing the MoPSC staff to review the planned accelerated retirement of the Rush Island Energy Center. See Note 2 – Rate and Regulatory Matters for additional information.

In connection with the accelerated retirement of the Rush Island Energy Center, Ameren Missouri expects to seek approval from the MoPSC in 2023, to finance the costs associated with the retirement, including the remaining unrecovered net plant balance associated with the facility, through the issuance of securitized utility tariff bonds pursuant to Missouri’s securitization statute. As of September 30, 2023, the Rush Island Energy Center had a net plant balance of approximately $550 million included in plant to be abandoned, net, within “Property, Plant, and Equipment, Net” and a rate base of approximately $0.5 billion. See Note 1 – Summary of Significant Accounting Policies under Part II, Item 8, of the Form 10-K for additional information regarding plant to be abandoned, net.

Ameren Missouri is unable to predict the ultimate resolution of this matter; however, such resolution could have a material adverse effect on the results of operations, financial position, and liquidity of Ameren and Ameren Missouri.

Clean Water Act

The EPA’s regulations implementing Section 316(b) of the Clean Water Act require power plant operators to evaluate cooling water intake structures and identify measures for reducing the number of aquatic organisms impinged on a power plant’s cooling water intake screens or entrained through the plant’s cooling water system. All of Ameren Missouri’s coal-fired and nuclear energy centers are subject to the cooling water intake structures rule. Requirements of the rule are implemented by state regulators through the permit renewal process of each power plant’s water discharge permit. Permits for Ameren Missouri’s coal-fired and nuclear energy centers have been issued or are in the process of renewal.

In 2015, the EPA issued a rule to revise the effluent limitation guidelines applicable to steam electric generating units. These guidelines established national standards for water discharges, prohibit effluent discharges of certain waste streams, and impose more stringent limitations on certain water discharges from power plants by 2025. To comply with these guidelines, Ameren Missouri installed dry ash handling systems and wastewater treatment facilities at its coal-fired energy centers.

CCR Management

The EPA’s CCR Rule establishes requirements for the management and disposal of CCR from coal-fired power plants and has resulted in the closure of surface impoundments at Ameren Missouri’s energy centers, with closures of surface impoundments pending at its Sioux Energy Center and retired Meramec Energy Center. Ameren Missouri plans to substantially complete the closures of surface impoundments as required by the CCR Rule by the end of 2024. Ameren Missouri’s CCR management compliance plan includes installation of groundwater monitoring equipment and groundwater treatment facilities. Ameren and Ameren Missouri have AROs of $40 million recorded on their respective balance sheets as of September 30, 2023, associated with CCR storage facilities.

Remediation

The Ameren Companies are involved in a number of remediation actions to clean up sites impacted by the use or disposal of materials containing hazardous substances. Federal and state laws can require responsible parties to fund remediation regardless of their degree of fault, the legality of original disposal, or the ownership of a disposal site.

As of September 30, 2023, Ameren Illinois has remediated the majority of the 44 former MGP sites in Illinois with an estimated remaining obligation related to these former MGP sites at $60 million to $112 million. Ameren and Ameren Illinois recorded a liability of $60 million to represent the estimated minimum obligation for these sites, as no other amount within the range was a better estimate. About half of the remaining liability recorded relates to remediation activities that are expected to be completed after 2023. The ICC allows Ameren Illinois to recover MGP remediation and related litigation costs from its electric and natural gas utility customers through environmental cost riders that are subject to annual prudence reviews by the ICC.

The scope of the remediation activities at these former MGP sites may increase as remediation efforts continue. Considerable uncertainty remains in these estimates because many site-specific factors can influence the actual costs, including unanticipated underground structures, the degree to which groundwater is encountered, regulatory changes, local ordinances, and site accessibility. The actual costs and timing of completion may vary substantially from these estimates.

Our operations or those of our predecessor companies involve the use of, disposal of, and, in appropriate circumstances, the cleanup of substances regulated under environmental laws. We are unable to determine whether such historical practices will result in future environmental commitments, including additional or more stringent cleanup standards, or will affect our results of operations, financial position, or liquidity.

NOTE 10 – CALLAWAY ENERGY CENTER

See Note 9 – Callaway Energy Center under Part II, Item 8, of the Form 10-K for information regarding spent nuclear fuel recovery, recovery of decommissioning costs, and the nuclear decommissioning trust fund. The fair value of the trust fund for Ameren Missouri’s Callaway Energy Center is reported as “Nuclear decommissioning trust fund” in Ameren’s and Ameren Missouri’s balance sheets. This amount is legally restricted and may be used only to fund the costs of nuclear decommissioning. Changes in the fair value of the trust fund are recorded as an increase or decrease to the nuclear decommissioning trust fund, with an offsetting adjustment to the related regulatory liability. Ameren and Ameren Missouri have recorded an ARO for the Callaway Energy Center decommissioning costs at fair value, which represents the present value of estimated future cash outflows. Annual decommissioning costs of $7 million are included in the costs used to establish electric rates for Ameren Missouri’s customers. Every three years, the MoPSC requires Ameren Missouri to file an updated cost study and funding analysis for decommissioning its Callaway Energy Center. An updated cost study and funding analysis was last filed with the MoPSC in November 2020. Ameren Missouri expects to file an updated cost study with the MoPSC by December 2023 and has reflected the 2023 updated cost study results in the related ARO at September 30, 2023. In February 2021, the MoPSC approved no change in electric rates for decommissioning costs based on Ameren Missouri’s updated cost study funding analysis. See Note 13 – Supplemental Information for more information on Ameren Missouri’s AROs.

Insurance

The following table presents insurance coverage at Ameren Missouri’s Callaway Energy Center at October 31, 2023:

Type and Source of Coverage			Most Recent Renewal Date			Maximum Coverages						Maximum Assessments for Single Incidents
Public liability and nuclear worker liability:
American Nuclear Insurers			January 1, 2023			$	450					$	—
Pool participation			(a)			16,095			(a)			166			(b)
						$	16,545		(c)			$	166
Property damage:
NEIL and EMANI			April 1, 2023			$	3,200		(d)			$	28		(e)
Accidental outage:
NEIL			April 1, 2023			$	490		(f)			$	9		(e)

(a)Provided through mandatory participation in an industrywide retrospective premium assessment program. The maximum coverage available is dependent on the number of United States commercial reactors participating in the program.

(b)Retrospective premium under the Price-Anderson Act. This is subject to retrospective assessment with respect to a covered loss in excess of $450 million in the event of an incident at any licensed United States commercial reactor, payable at $24.7 million per year.

(c)Limit of liability for each incident under the Price-Anderson liability provisions of the Atomic Energy Act of 1954, as amended. This limit is subject to change to account for the effects of inflation and changes in the number of licensed power reactors.

(d)NEIL provides $2.7 billion in property damage, stabilization, decontamination, and premature decommissioning insurance for radiation events and $2.3 billion in property damage insurance for nonradiation events. EMANI provides $490 million in property damage insurance for both radiation and nonradiation events.

(e)All NEIL-insured plants could be subject to assessments should losses exceed the accumulated funds from NEIL.

(f)Accidental outage insurance provides for lost sales in the event of a prolonged accidental outage. Weekly indemnity up to $4.5 million for 52 weeks, which commences after the first 12 weeks of an outage, plus up to $3.6 million per week for a minimum of 71 weeks thereafter for a total not exceeding the policy limit of $490 million. Nonradiation events are limited to $328 million.

The Price-Anderson Act is a federal law that limits the liability for claims from an incident involving any licensed United States commercial nuclear energy center. The limit is based on the number of licensed reactors. The limit of liability and the maximum potential annual payments are adjusted at least every five years for inflation to reflect changes in the Consumer Price Index. The most recent five-year inflationary adjustment became effective in October 2023. Owners of a nuclear reactor cover this exposure through a combination of private insurance and mandatory participation in a financial protection pool, as established by the Price-Anderson Act.

Losses resulting from terrorist attacks on nuclear facilities insured by NEIL are subject to industrywide aggregates, such that terrorist acts against one or more commercial nuclear power plants within a stated time period would be treated as a single event, and the owners of the nuclear power plants would share the limit of liability. NEIL policies have an aggregate limit of $3.2 billion within a 12-month period for radiation events, or $1.8 billion for events not involving radiation contamination, resulting from terrorist attacks. The EMANI policies are not subject to industrywide aggregates in the event of terrorist attacks on nuclear facilities.

If losses from a nuclear incident at the Callaway Energy Center exceed insurance limits, are not covered by insurance, or if coverage is unavailable, Ameren Missouri is at risk for any uninsured losses. If a serious nuclear incident were to occur, it could have a material adverse effect on Ameren’s and Ameren Missouri’s results of operations, financial position, or liquidity.

NOTE 11 – RETIREMENT BENEFITS

The following table presents the components of the net periodic benefit cost (income) incurred for Ameren’s pension and postretirement benefit plans for the three and nine months ended September 30, 2023 and 2022:

			Pension Benefits																											Postretirement Benefits
			Three Months												Nine Months															Three Months												Nine Months
			2023						2022						2023						2022									2023						2022						2023						2022
Service cost(a)			$	10					$	31					$	56					$	95								$	3					$	5					$	9					$	15
Non-service cost components:
Interest cost			55						42						166						123									11						8						34						25
Expected return on plan assets(b)			(84)						(80)						(251)						(240)									(22)						(21)						(68)						(64)
Amortization of(b):
Prior service benefit			—						—						—						—									(1)						(1)						(3)						(3)
Actuarial (gain) loss			(29)						7						(86)						19									(12)						(5)						(35)						(14)
Total non-service cost components(c)			$	(58)					$	(31)					$	(171)					$	(98)								$	(24)					$	(19)					$	(72)					$	(56)
Net periodic benefit income**(d)**			$	(48)					$	—					$	(115)					$	(3)								$	(21)					$	(14)					$	(63)					$	(41)

(a)Service cost, net of capitalization, is reflected in “Operating Expenses – Other operations and maintenance” on Ameren’s statement of income.

(b)Prior service benefit is amortized on a straight-line basis over the average future service of active participants benefiting under a plan amendment. Net actuarial gains or losses related to the net benefit obligation subject to amortization are amortized on a straight-line basis over 10 years. The difference between the actual and expected return on plan assets is amortized over 4 years.

(c)Non-service cost components are reflected in “Other Income, Net” on Ameren’s consolidated statement of income. See Note 5 – Other Income, Net for additional information.

(d)Does not include the impact of the tracker for the difference between the level of pension and postretirement benefit costs (income) incurred by Ameren Missouri under GAAP and the level of such costs included in rates.

Ameren Missouri and Ameren Illinois are responsible for their respective share of Ameren’s pension and other postretirement costs. The following table presents the respective share of net periodic pension and other postretirement benefit costs (income) incurred for the three and nine months ended September 30, 2023 and 2022:

			Pension Benefits																											Postretirement Benefits
			Three Months												Nine Months															Three Months												Nine Months
			2023						2022						2023						2022									2023						2022						2023						2022
Ameren Missouri(a)			$	(24)					$	—					$	(59)					$	(2)								$	(8)					$	(3)					$	(23)					$	(10)
Ameren Illinois			(21)						1						(48)						2									(13)						(11)						(40)						(31)
Other			(3)						(1)						(8)						(3)									—						—						—						—
Ameren(a)			$	(48)					$	—					$	(115)					$	(3)								$	(21)					$	(14)					$	(63)					$	(41)

(a)Does not include the impact of the tracker for the difference between the level of pension and postretirement benefit costs (income) incurred by Ameren Missouri under GAAP and the level of such costs included in rates.

NOTE 12 – INCOME TAXES

The following table presents a reconciliation of the federal statutory corporate income tax rate to the effective income tax rate for the three and nine months ended September 30, 2023 and 2022:

			Ameren												Ameren Missouri												Ameren Illinois
			2023						2022						2023						2022						2023						2022
Three Months
Federal statutory corporate income tax rate			21		%				21		%				21		%				21		%				21		%				21		%
Increases (decreases) from:
Amortization of deferred investment tax credit			—						—						(1)						(1)						—						—
Amortization of excess deferred taxes(a)			(7)						(8)						(15)						(15)						(2)						(2)
Depreciation differences			(1)						—						—						—						—						—
Renewable and other tax credits(b)			(5)						(4)						(11)						(10)						(1)						—
State tax			4						4						3						3						7						7
Stock-based compensation			—						1						—						—						—						—
Cash surrender value of COLI			—						1						—						—						—						—
Effective income tax rate			12		%				15		%				(3)		%				(2)		%				25		%				26		%
Nine Months
Federal statutory corporate income tax rate			21		%				21		%				21		%				21		%				21		%				21		%
Increases (decreases) from:
Amortization of deferred investment tax credit			—						—						(1)						(1)						—						—
Amortization of excess deferred taxes(a)			(8)						(8)						(15)						(15)						(2)						(2)
Depreciation differences			—						—						—						—						(1)						—
Renewable and other tax credits(b)			(5)						(4)						(11)						(10)						—						—
State tax			5						5						3						3						7						7
Effective income tax rate			13		%				14		%				(3)		%				(2)		%				25		%				26		%

(a)Reflects the amortization of amounts resulting from the revaluation of deferred income taxes subject to regulatory ratemaking, which are being refunded to customers. Deferred income taxes are revalued when federal or state income tax rates change, and the offset to the revaluation of deferred income taxes subject to regulatory ratemaking is recorded to a regulatory asset or liability.

(b)The benefit of the credits associated with Missouri renewable energy standard compliance is refunded to customers through the RESRAM.

NOTE 13 – SUPPLEMENTAL INFORMATION

Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets and the statements of cash flows at September 30, 2023, and December 31, 2022:

			September 30, 2023																					December 31, 2022
Ameren						Ameren Missouri						Ameren Illinois									Ameren						Ameren Missouri						Ameren Illinois
“Cash and cash equivalents”			$	8					$	3					$	—								$	10					$	—					$	—
Restricted cash included in “Other current assets”			13						5						5									13						5						6
Restricted cash included in “Other assets”			220						—						220									185						—						185
Restricted cash included in “Nuclear decommissioning trust fund”			5						5						—									8						8						—
Total cash, cash equivalents, and restricted cash			$	246					$	13					$	225								$	216					$	13					$	191

Restricted cash included in “Other current assets” primarily represents funds held by an irrevocable Voluntary Employee Beneficiary Association (VEBA) trust, which provides health care benefits for active employees. Restricted cash included in “Other assets” on Ameren’s and Ameren Illinois’ balance sheets primarily represents amounts collected under a cost recovery rider restricted for use in the procurement of renewable energy credits and amounts in a trust fund restricted for the use of funding certain asbestos-related claims.

Accounts Receivable

“Accounts receivable – trade” on Ameren’s and Ameren Illinois’ balance sheets include certain receivables purchased at a discount from alternative retail electric suppliers that elect to participate in the utility consolidated billing program. At September 30, 2023, and December 31, 2022, “Other current liabilities” on Ameren’s and Ameren Illinois’ balance sheets included payables for purchased receivables of $50 million and $31 million, respectively.

The following table provides a reconciliation of the beginning and ending amount of the allowance for doubtful accounts for the three and nine months ended September 30, 2023 and 2022:

			Three Months															Nine Months
			2023						2022									2023						2022
Ameren:
Beginning of period			$	39					$	30								$	31					$	29
Bad debt expense			18						14									41						23
Charged to other accounts(a)			2						1									3						3
Net write-offs			(26)						(14)									(42)						(24)
End of period			$	33					$	31								$	33					$	31
Ameren Missouri:
Beginning of period			$	12					$	12								$	13					$	13
Bad debt expense			5						3									9						6
Net write-offs			(5)						(3)									(10)						(7)
End of period			$	12					$	12								$	12					$	12
Ameren Illinois:****(b)
Beginning of period			$	27					$	18								$	18					$	16
Bad debt expense			13						11									32						17
Charged to other accounts(a)			2						1									3						3
Net write-offs			(21)						(11)									(32)						(17)
End of period			$	21					$	19								$	21					$	19

(a)Amounts associated with the allowance for doubtful accounts related to receivables purchased by Ameren Illinois from alternative retail electric suppliers, as required by the Illinois Public Utilities Act.

(b)Ameren Illinois has riders that allow it to recover the difference between its actual net bad debt write-offs under GAAP, including those associated with receivables purchased from alternative retail electric suppliers, and the amount of net bad debt write-offs included in its base rates. The table above does not include the impact related to the riders.

As of September 30, 2023, accounts receivable balances that were 30 days or greater past due or that were a part of a deferred payment arrangement represented 17%, 8%, and 26%, or $106 million, $25 million, and $81 million, of Ameren’s, Ameren Missouri’s, and Ameren Illinois’ customer trade receivables before allowance for doubtful accounts, respectively. In comparison, as of September 30, 2022, these percentages were 17%, 12%, and 21%, or $117 million, $39 million, and $78 million, for Ameren, Ameren Missouri, and Ameren Illinois, respectively.

Supplemental Cash Flow Information

The following table provides noncash financing and investing activity excluded from the statements of cash flows for the nine months ended September 30, 2023 and 2022:

			September 30, 2023												September 30, 2022
Ameren			Ameren Missouri						Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois
Investing:
Accrued capital expenditures, including nuclear fuel expenditures			$	518		$	246					$	237					$	367		$	187		$	180
Net realized and unrealized gain/(loss) – nuclear decommissioning trust fund			66			66						—						(262)			(262)			—
Return of investment in industrial development revenue bonds(a)			240			240						—						—			—			—
Financing:
Issuance of common stock for stock-based compensation			$	37		$	—					$	—					$	31		$	—		$	—
Issuance of common stock under the DRPlus			7			—						—						8			—			—
Termination of a financing obligation(a)			240			240						—						—			—			—

(a)In January 2023, Ameren Missouri and Audrain County mutually agreed to terminate a financing obligation agreement related to the CT energy center in Audrain County, which was scheduled to expire in December 2023. No cash was exchanged in connection with the termination of the agreement as the $240 million principal amount of the financing obligation due from Ameren Missouri was equal to the amount of bond service payments due to Ameren Missouri.

Asset Retirement Obligations

The following table provides a reconciliation of the beginning and ending carrying amount of AROs for the nine months ended September 30, 2023:

			Ameren Missouri						Ameren Illinois												Ameren
Balance at December 31, 2022			$	782		(a)			$	4								(b)			$	786		(a)
Liabilities settled			(9)						—												(9)
Accretion			25			(c)			—												25			(c)
Change in estimates			(18)						—												(18)
Balance at September 30, 2023			$	780		(a)			$	4								(b)			$	784		(a)

(a)Balance included $23 million in “Other current liabilities” on the balance sheet as of both September 30, 2023, and December 31, 2022.

(b)Included in “Other deferred credits and liabilities” on the balance sheet.

(c)Accretion expense attributable to Ameren Missouri was recorded as a decrease to regulatory liabilities.

Stock-based Compensation

In the first quarter of 2023, Ameren granted 265,422 performance share units with a grant date fair value of $24 million and 116,701 restricted share units with a grant date fair value of $10 million. Awards vest approximately 3 years after the grant date or on a pro-rata basis upon death or eligible retirement. The performance share units vest based on the achievement of certain specified market performance measures (227,494 performance share units) or clean energy transition targets (37,928 performance share units). The exact number of shares issued pursuant to a performance share unit varies from 0% to 200% of the target award, depending on actual company performance relative to the performance goals.

For the nine months ended September 30, 2023 and 2022, excess tax benefits associated with the settlement of stock-based compensation awards reduced income tax expense by $6 million and $5 million, respectively.

Deferred Compensation

At September 30, 2023, and December 31, 2022, the present value of benefits to be paid for deferred compensation obligations was $85 million and $87 million, respectively, which was primarily reflected in “Other deferred credits and liabilities” on Ameren’s consolidated balance sheet.

Operating Revenues

As of September 30, 2023 and 2022, our remaining performance obligations for contracts with a term greater than one year were immaterial. The Ameren Companies elected not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied as of the end of the reporting period for contracts with an initial expected term of one year or less.

See Note 14 – Segment Information for disaggregated revenue information.

Excise Taxes

Ameren Missouri and Ameren Illinois collect from their customers excise taxes, including municipal and state excise taxes and gross receipts taxes that are levied on the sale or distribution of natural gas and electricity. The following table presents the excise taxes recorded on a gross basis in “Operating Revenues – Electric,” “Operating Revenues – Natural gas” and “Operating Expenses – Taxes other than income taxes” on the statements of income for the three and nine months ended September 30, 2023 and 2022:

			Three Months												Nine Months
			2023						2022						2023						2022
Ameren Missouri			$	60					$	55					$	133					$	128
Ameren Illinois			27						28						90						101
Ameren			$	87					$	83					$	223					$	229

Earnings per Share

The following table reconciles the basic weighted-average number of common shares outstanding to the diluted weighted-average number of common shares outstanding for the three and nine months ended September 30, 2023 and 2022:

			Three Months												Nine Months
			2023						2022						2023						2022
Weighted-average Common Shares Outstanding – Basic			262.8						258.4						262.5						258.2
Assumed settlement of performance share units and restricted stock units			0.6						0.9						0.7						1.0
Dilutive effect of forward sale agreements			—						0.2						—						0.1
Weighted-average Common Shares Outstanding – Diluted(a)			263.4						259.5						263.2						259.3

(a)There was an immaterial number of anti-dilutive performance share units excluded from the earnings per diluted share calculations for the three and nine months ended September 30, 2023 and 2022. The outstanding forward sale agreements as of September 30, 2023, were anti-dilutive for the three and nine months ended September 30, 2023, and excluded from the earnings per diluted share calculation as calculated using the treasury stock method.

NOTE 14 – SEGMENT INFORMATION

The following tables present revenues, net income attributable to common shareholders, and capital expenditures by segment at Ameren and Ameren Illinois for the three and nine months ended September 30, 2023 and 2022. Ameren, Ameren Missouri, and Ameren Illinois management review segment capital expenditure information rather than any individual or total asset amount. For additional information about our segments, see Note 16 – Segment Information under Part II, Item 8, of the Form 10-K.

Ameren

			Ameren Missouri						Ameren Illinois Electric Distribution						Ameren Illinois Natural Gas						Ameren Transmission						Other						Intersegment Eliminations						Ameren
Three Months 2023:
External revenues			$	1,228					$	557					$	121					$	154					$	—					$	—					$	2,060
Intersegment revenues			9						1						1						34						—						(45)						—
Net income (loss) attributable to Ameren common shareholders			411						66						(5)						86			(a)			(65)						—						493
Capital expenditures			341						177						80						160						2						(11)						749
Three Months 2022:
External revenues			$	1,351					$	672					$	146					$	137					$	—					$	—					$	2,306
Intersegment revenues			8						—						—						32						—						(40)						—
Net income (loss) attributable to Ameren common shareholders			397						51						(4)						78			(a)			(70)						—						452
Capital expenditures			431						163						114						187						1						3						899
Nine Months 2023:
External revenues			$	3,074					$	1,721					$	664					$	423					$	—					$	—					$	5,882
Intersegment revenues			27						1						1						89						—						(118)						—
Net income (loss) attributable to Ameren common shareholders			541						193						93						229			(a)			(62)						—						994
Capital expenditures			1,255						527						221						570						7						(9)						2,571
Nine Months 2022:
External revenues			$	3,071					$	1,640					$	811					$	389					$	—					$	—					$	5,911
Intersegment revenues			25						1						—						76						—						(102)						—
Net income (loss) attributable to Ameren common shareholders			547						151						82						199			(a)			(68)						—						911
Capital expenditures			1,237						444						232						519						4						1						2,437

(a)Ameren Transmission earnings reflect an allocation of financing costs from Ameren (parent).

Ameren Illinois

			Ameren Illinois Electric Distribution						Ameren Illinois Natural Gas						Ameren Illinois Transmission						Intersegment Eliminations						Ameren Illinois
Three Months 2023:
External revenues			$	558					$	122					$	103					$	—					$	783
Intersegment revenues			—						—						33						(33)						—
Net income (loss) available to common shareholder			66						(5)						64						—						125
Capital expenditures			177						80						125						—						382
Three Months 2022:
External revenues			$	672					$	146					$	86					$	—					$	904
Intersegment revenues			—						—						31						(31)						—
Net income (loss) available to common shareholder			51						(4)						56						—						103
Capital expenditures			163						114						169						—						446
Nine Months 2023:
External revenues			$	1,722					$	665					$	276					$	—					$	2,663
Intersegment revenues			—						—						87						(87)						—
Net income available to common shareholder			193						93						166						—						452
Capital expenditures			527						221						478						—						1,226
Nine Months 2022:
External revenues			$	1,641					$	811					$	245					$	—					$	2,697
Intersegment revenues			—						—						75						(75)						—
Net income available to common shareholder			151						82						142						—						375
Capital expenditures			444						232						469						—						1,145

The following tables present disaggregated revenues by segment at Ameren and Ameren Illinois for the three and nine months ended September 30, 2023 and 2022. Economic factors affect the nature, timing, amount, and uncertainty of revenues and cash flows in a similar manner across customer classes. Revenues from alternative revenue programs have a similar distribution among customer classes as revenues from contracts with customers. Other revenues not associated with contracts with customers are presented in the Other customer classification, along with electric transmission, off-system sales, and capacity revenues.

Ameren

			Ameren Missouri						Ameren Illinois Electric Distribution						Ameren Illinois Natural Gas						Ameren Transmission												Intersegment Eliminations						Ameren
Three Months 2023:
Residential			$	590					$	330					$	—					$	—											$	—					$	920
Commercial			468						189						—						—												—						657
Industrial			107						40						—						—												—						147
Other			54						(1)			(a)			—						188												(44)						197
Total electric revenues			$	1,219					$	558					$	—					$	188											$	(44)					$	1,921
Residential			$	9					$	—					$	75					$	—											$	—					$	84
Commercial			5						—						19						—												—						24
Industrial			1						—						1						—												—						2
Other			3						—						27						—												(1)						29
Total natural gas revenues			$	18					$	—					$	122					$	—											$	(1)					$	139
Total revenues(b)			$	1,237					$	558					$	122					$	188											$	(45)					$	2,060

			Ameren Missouri						Ameren Illinois Electric Distribution						Ameren Illinois Natural Gas						Ameren Transmission												Intersegment Eliminations						Ameren
Three Months 2022:
Residential			$	564					$	407					$	—					$	—											$	—					$	971
Commercial			430						233						—						—												—						663
Industrial			99						47						—						—												—						146
Other			245						(15)			(a)			—						169												(39)						360
Total electric revenues			$	1,338					$	672					$	—					$	169											$	(39)					$	2,140
Residential			$	11					$	—					$	89					$	—											$	—					$	100
Commercial			6						—						25						—												—						31
Industrial			1						—						5						—												—						6
Other			3						—						27						—												(1)						29
Total natural gas revenues			$	21					$	—					$	146					$	—											$	(1)					$	166
Total revenues(b)			$	1,359					$	672					$	146					$	169											$	(40)					$	2,306
Nine Months 2023:
Residential			$	1,274					$	1,049					$	—					$	—											$	—					$	2,323
Commercial			1,026						582						—						—												—						1,608
Industrial			243						136						—						—												—						379
Other			435						(45)			(a)			—						512												(116)						786
Total electric revenues			$	2,978					$	1,722					$	—					$	512											$	(116)					$	5,096
Residential			$	74					$	—					$	469					$	—											$	—					$	543
Commercial			34						—						121						—												—						155
Industrial			4						—						10						—												—						14
Other			11						—						65						—												(2)						74
Total natural gas revenues			$	123					$	—					$	665					$	—											$	(2)					$	786
Total revenues(b)			$	3,101					$	1,722					$	665					$	512											$	(118)					$	5,882
Nine Months 2022:
Residential			$	1,267					$	954					$	—					$	—											$	—					$	2,221
Commercial			968						571						—						—												—						1,539
Industrial			229						145						—						—												—						374
Other			502						(29)			(a)			—						465												(101)						837
Total electric revenues			$	2,966					$	1,641					$	—					$	465											$	(101)					$	4,971
Residential			$	78					$	—					$	575					$	—											$	—					$	653
Commercial			36						—						152						—												—						188
Industrial			4						—						33						—												—						37
Other			12						—						51						—												(1)						62
Total natural gas revenues			$	130					$	—					$	811					$	—											$	(1)					$	940
Total revenues(b)			$	3,096					$	1,641					$	811					$	465											$	(102)					$	5,911

(a)Includes over-recoveries of various riders.

(b)The following table presents increases/(decreases) in revenues from alternative revenue programs and other revenues not from contracts with customers for the three and nine months ended September 30, 2023 and 2022:

			Ameren Missouri						Ameren Illinois Electric Distribution						Ameren Illinois Natural Gas						Ameren Transmission						Ameren
Three Months 2023:
Revenues from alternative revenue programs			$	(9)					$	(94)					$	(1)					$	(5)					$	(109)
Other revenues not from contracts with customers			(1)			(a)			2						—						—						1			(a)
Three Months 2022:
Revenues from alternative revenue programs			$	14					$	(83)					$	(3)					$	(11)					$	(83)
Other revenues not from contracts with customers			(45)			(a)			2						—						—						(43)			(a)
Nine Months 2023:
Revenues from alternative revenue programs			$	(11)					$	30					$	36					$	8					$	63
Other revenues not from contracts with customers			(9)			(a)			6						2						—						(1)			(a)
Nine Months 2022:
Revenues from alternative revenue programs			$	8					$	13					$	(5)					$	(14)					$	2
Other revenues not from contracts with customers			(81)			(a), (b)			5						2						—						(74)			(a), (b)

(a)Includes net realized losses on derivative power contracts.

(b)Includes insurance recoveries related to lost sales associated with the December 2020 Callaway Energy Center maintenance outage. See Note 9 – Callaway Energy Center under Part II, Item 8, of the Form 10-K for additional information.

Ameren Illinois

			Ameren Illinois Electric Distribution						Ameren Illinois Natural Gas						Ameren Illinois Transmission						Intersegment Eliminations						Ameren Illinois
Three Months 2023:
Residential			$	330					$	75					$	—					$	—					$	405
Commercial			189						19						—						—						208
Industrial			40						1						—						—						41
Other			(1)			(a)			27						136						(33)						129
Total revenues(b)			$	558					$	122					$	136					$	(33)					$	783
Three Months 2022:
Residential			$	407					$	89					$	—					$	—					$	496
Commercial			233						25						—						—						258
Industrial			47						5						—						—						52
Other			(15)			(a)			27						117						(31)						98
Total revenues(b)			$	672					$	146					$	117					$	(31)					$	904
Nine Months 2023:
Residential			$	1,049					$	469					$	—					$	—					$	1,518
Commercial			582						121						—						—						703
Industrial			136						10						—						—						146
Other			(45)			(a)			65						363						(87)						296
Total revenues(b)			$	1,722					$	665					$	363					$	(87)					$	2,663
Nine Months 2022:
Residential			$	954					$	575					$	—					$	—					$	1,529
Commercial			571						152						—						—						723
Industrial			145						33						—						—						178
Other			(29)			(a)			51						320						(75)						267
Total revenues(b)			$	1,641					$	811					$	320					$	(75)					$	2,697

(a)Includes over-recoveries of various riders.

(b)The following table presents increases/(decreases) in revenues from alternative revenue programs and other revenues not from contracts with customers for the Ameren Illinois segments for the three and nine months ended September 30, 2023 and 2022:

			Ameren Illinois Electric Distribution						Ameren Illinois Natural Gas						Ameren Illinois Transmission						Ameren Illinois
Three Months 2023:
Revenues from alternative revenue programs			$	(94)					$	(1)					$	(6)					$	(101)
Other revenues not from contracts with customers			2						—						—						2
Three Months 2022:
Revenues from alternative revenue programs			$	(83)					$	(3)					$	(10)					$	(96)
Other revenues not from contracts with customers			2						—						—						2
Nine Months 2023:
Revenues from alternative revenue programs			$	30					$	36					$	4					$	70
Other revenues not from contracts with customers			6						2						—						8
Nine Months 2022:
Revenues from alternative revenue programs			$	13					$	(5)					$	(12)					$	(4)
Other revenues not from contracts with customers			5						2						—						7